Bitcoin Miners Increase Selling as Market Sentiment Weakens
April 10, 2025 – Bitcoin miners have increased their selling significantly, putting downward pressure on BTC prices as large investors remain cautious and reserved, according to a new report from blockchain analytics firm CryptoQuant. Mining wallet withdrawals hit a record high this week.
15,000 BTC Sold in One Day – Third High in 2025
On April 7, as Bitcoin prices fell to $74,000, miners moved more than 15,000 BTC ($1.12 billion) to exchanges – the third-largest daily outflow this year.
According to CryptoQuant, the sell-off was driven by rising mining difficulties: transaction fees have dropped sharply, while the network difficulty (hashrate) remains at an all-time high, pushing mining costs higher and profits lower.
Miner Profit Margins Plunge – Hash Rates Hit Record Lows
The report said that the average miner profit margin has dropped from 53% in late January to 33%, despite many units continuing to expand their computing power (hashrate).
Notably, the hash rate index – reflecting revenue per unit of computing power – has dropped to $0.038/TH/s, a record low, indicating that miners are under severe financial pressure and are forced to sell to maintain operations.
Bitcoin Whales Reduce Accumulation – Increasing Selling Pressure
Not only miners, institutional investors and "whales" also slowed down the rate of BTC accumulation. In the past week, miners alone dumped more than 30,000 BTC, while the monthly accumulation rate from this group dropped from 2.7% (late March) to 0.5%, the lowest level since February.
In addition, the daily trading volume of large addresses also dropped sharply – from a peak of 800,000 BTC/day in February, it is now only 300,000 BTC/day in April. CryptoQuant said that many large investors started selling at low prices, leading to increased losses.
Bull Score: Investor Sentiment Remains Weak
The Bull Score – a measure of market momentum based on transaction and on-chain data – currently stands at 20, indicating that investor sentiment remains very weak. CryptoQuant notes that this is the least positive period since the November 2022 crash.
Worryingly, the index has been in bearish territory for 58 of the past 60 days, reflecting a prolonged period of weakness and a lack of confidence in the market’s ability to recover in the short term.
Short-Term Impact and Outlook
A massive sell-off by miners is often a sign of liquidity crunch or financial stress, and can trigger widespread selling in the market. Combined with the lack of interest from institutional investors, the prospect of a strong recovery in the short term is currently very slim.