Bitcoin miners have sharply increased their sales, while large investor accumulation remains weak in a sluggish market, claims blockchain analysis firm CryptoQuant.
In its latest weekly report, CryptoQuant revealed that miner outflows spiked to 15,000 BTC, worth over $1.12 billion, on April 7, when Bitcoin briefly dipped to $74,000. This marked the third-largest daily outflow in 2025 so far.
What’s Driving the Sell-Off?
CryptoQuant analysts say miners’ profits are being squeezed by falling transaction fees and record-high network difficulty.
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“Miner margins have been pressured by depressed transaction fees and a record-high Bitcoin network hashrate, which implies higher mining costs,” the report noted.
Average operating margins have dropped sharply from 53% in late January to just 33%, even as miners continue expanding their hash rate capacity.
CryptoQuant’s miner sustainability metric further shows that miners are increasingly underpaid. Hash price—the revenue miners earn per unit of computational power—has plunged to record lows of $0.038 per terahash per second (TH/s).
Weak Large Investor Accumulation
At the same time, Bitcoin selling pressure is not just coming from miners. Large investors, or “whales,” have also slowed their accumulation.
Miners alone reduced their holdings by around 30,000 BTC last week. Their monthly accumulation rate dropped from 2.7% at the end of March to just 0.5%—its slowest pace since February 20.
Daily Bitcoin sales by large holders have also declined, falling from a peak of 800,000 BTC in late February to about 300,000 BTC per day this month.
According to CryptoQuant, many of these investors have been offloading Bitcoin at a loss due to sustained low prices.
Bitcoin Stuck in Bearish Territory
Meanwhile, CryptoQuant’s Bull Score Index suggests that Bitcoin remains in one of its least bullish phases since November 2022.
The index, which analyzes on-chain and trading data such as exchange flows, miner activity, and investor behavior, currently stands at 20—indicating continued weak investor sentiment and suggesting a low probability of a sustained rally in the near term.
“Indeed, we are experiencing the longest streak of days with the Bull Score Index in bearish territory since September 2022, when Bitcoin was in a bear market.”
The Bull Score Index has spent 58 of the last 60 days in bearish territory, a signal often tied to prolonged market weakness and fading investor confidence.
Why This Matters
Heavy Bitcoin selling by miners often signals financial stress and can add downward pressure on prices. Combined with weak accumulation from large investors, it may point to continued volatility and limited upside in the near future.
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