Cryptocurrency Miners Buck Trend: Steadfast Resistance to Sell-Off Amid 7.4% Price Increase
In the dynamic world of cryptocurrency, the price of Bitcoin has been steadily holding around $116,574, as per CoinGecko data. This comes amidst a series of events that have raised concerns about the market's stability and liquidity.
One such concern was the departure of funds from Binance, prompting fears of reduced buy-side liquidity and an impending consolidation. However, Bitcoin's price action remains largely stable, contrary to initial fears.
Despite these concerns, Bitcoin miners have shown resilience, with miner capitulation far from emerging. This is according to Axel Adler Jr., who notes that the market is far from breaching the -10% to -30% threshold typically associated with miner capitulation during extended negative trends.
The improved profitability of Bitcoin miners, following the halving event, is a key factor in this resilience. In July 2025, Bitcoin miners achieved their highest daily block reward revenue of $57,400 per exahash (EH/s) since the halving event, marking a 4% increase from June.
Although network mining difficulty and hashrate have increased, indicating more competition and operational costs, miners are managing profitability effectively enough to maintain their Bitcoin reserves. For instance, CleanSpark's July 2025 update showed they held a substantial amount of Bitcoin with limited sales, underscoring miners' tendency to hold rather than sell during this recovery phase.
Contrary to some expectations, the influx of BTC from miners onto Binance has not translated into significant miner sell-offs. On July 25, miners offloaded over 18,000 BTC, worth more than $2 billion, onto Binance. However, this massive deposit was accompanied by a huge withdrawal of $650 million in USDC from Binance on the same day.
CryptoQuant analyst Amr Taha noted a possible profit-taking following Bitcoin's push toward $120,000, which may have been driven by increasing operational costs and a tougher mining environment. However, miners are not actively boosting bullish momentum, according to Adler's statement.
The market response has been more subdued than feared, with Bitcoin's price action remaining largely stable and even increasing. The +7.4% gain from the last difficulty bottom indicates miners are not in distress. In fact, miner revenues, which plunged to a two-month low of $34 million in late June, have shown signs of recovery, albeit slowly.
In conclusion, Bitcoin miners' improved profitability and confidence in holding Bitcoin post-halving are outweighing concerns related to Binance or broader market volatility. Miners are not selling off significantly, despite declining revenues and a drop in hashrate, indicating a measured and resilient market.
- Bitcoin miners, even with increased network difficulty and hashrate, have efficiently managed profitability, maintaining their Bitcoin reserves as shown by CleanSpark's July 2025 update.
- Contrary to some expectations, the influx of BTC from miners onto Binance has not resulted in significant miner sell-offs, with a potential profit-taking noted by CryptoQuant analyst Amr Taha following Bitcoin's push toward $120,000.
- Despite reduced buy-side liquidity and concerns about market stability, the resilience displayed by Bitcoin miners, coupled with improved profitability following the halving event, has contributed to a less volatile market response than initially feared.
- This improved financial situation of Bitcoin miners and their demonstrated willingness to hold Bitcoins instead of selling, even amid declining revenues and a drop in hashrate, points towards a measured and resilient crypto market.
