Despite macroeconomic headwinds and a recent market pullback, Bitcoin miners are maintaining their positions, signaling confidence in the long-term trajectory of the leading cryptocurrency, according to a new report from Bitfinex Alpha.
In its latest research release, Bitfinex Alpha emphasized that Bitcoin miners have shown no clear signs of capitulation, despite a 32% decline from Bitcoin’s 2024 all-time high. As of May 5, miner reserves stood firm at 1,808,674 BTC, largely unchanged from December 2024 levels. This stability suggests a deliberate strategy of holding, rather than liquidating, in anticipation of a market rebound.
“Given that miners typically need to liquidate a portion of their holdings to finance operational expenses such as electricity, maintenance, and salaries their continued restraint from selling speaks volumes about expectations of future price appreciation,” the report stated.
This reserved approach comes amid broader market volatility and persistent macroeconomic uncertainty. Yet miners’ steady hands reflect a belief that the current bull cycle still has legs. Bitfinex analysts highlighted the significance of the recent 32% recovery from April lows, noting that the rebound was not followed by a surge in miner selling, further reinforcing bullish sentiment.
A key supporting indicator is the Puell Multiple, a widely followed metric for assessing miner profitability. According to data from Coinglass, the Puell Multiple remains below the 2.0 threshold a level historically associated with increased miner selling. Its current low levels suggest that miners are under no pressure to offload their holdings, reinforcing a stable outlook for the network’s health.
“The structural signals remain strong,” the Bitfinex team noted. “While short-term fluctuations are always possible, the combination of miner reserve stability and low Puell Multiple readings implies there’s still room for upside in the ongoing cycle.”
This analysis comes amid growing interest in the evolving role of Bitcoin miners, not just in securing the network, but also in shaping market sentiment. With no major offloading on the horizon, the supply-side pressure remains low, potentially paving the way for further price appreciation if demand strengthens.
While some experts, including those at Galaxy Digital, have suggested that miners could diversify into emerging sectors like AI infrastructure, current on-chain data suggests they are still firmly rooted in the Bitcoin ecosystem with a long-term vision intact.
