Satoshi-era Miners Cut Bitcoin Sales by 98% in 2025

Satoshi-era miners, who mined Bitcoin between 2009 and 2011, have significantly reduced their Bitcoin sales in 2025. Data indicates that these early adopters sold only 150 BTC in 2025, marking a 98% decrease from the 10,000 BTC sold in 2024. This reduction is notable given that Bitcoin prices were near all-time highs during this period.

These miners, known for their strategic market timing, have shown a pattern of distributing their holdings during market peaks rather than during periods of weakness. For instance, significant outflows occurred during Bitcoin's surge to $69,000 in 2021 and its climb above $70,000 in late 2024. Despite the bullish market conditions in 2025, which saw prices pushing towards $100,000, these miners chose not to sell, indicating a disciplined approach to their holdings.

As of 2025, Satoshi-era miners hold just over 633,000 BTC, down from 657,000 BTC in early 2021. This reduction of over 24,000 BTC across four and a half years suggests a gradual and controlled exit strategy. The most significant outflows occurred between early 2021 and mid-2022, coinciding with periods of high market volatility. Since then, sales have slowed considerably, with only brief sell events during price dips in 2023. By January 2024, the balances of these wallets had gradually declined below 640,000 BTC, continuing into mid-2025. However, the sell pressure, as indicated by the netflow chart, has remained minimal.

This controlled distribution strategy underscores the miners' market discipline. They have not engaged in mass liquidation but have instead made carefully timed exits during peak demand. With over 633,000 BTC still untouched, these early holders continue to exert significant influence over the market. Their gradual reduction in holdings, without causing market disruption, sends a clear message to the broader market: the smart money is not running; it is waiting.