Miners from Bitcoin’s early days selling just 150 BTC in 2025—despite all-time highs—signals extraordinary conviction in future appreciation. This cohort typically holds coins acquired at negligible cost, making their restraint during $100,000+ prices psychologically significant. It suggests ‘true believers’ anticipate substantially higher valuations.
The behavior contrasts sharply with newer miners who must sell to cover operational costs. This divergence creates a supply dynamic where old hands effectively reduce circulating supply, acting as quasi-permanent holders. Their inactivity may indicate expectations of institutional-driven demand outpacing new issuance.
From a market structure perspective, limited selling from largest stakeholders reduces downward pressure. If this trend continues during future rallies, it could amplify price spikes as new buyers compete for scarce coins.
