Bitcoin Miners and Long-Term Holders Shift to Accumulation

Bitcoin miners have shifted to a net accumulation phase following a six-week period of selling, a transition that coincides with a recent rebound in the price of Bitcoin [1]. This on-chain shift, which mirrors patterns observed during previous market cycle lows, is supported by broader trends among long-term holders who are actively absorbing available supply [1, 2].

Key takeaways

• Bitcoin miners recorded three consecutive days of positive net position change starting June 5, ending a capitulation phase that began in late April [1].
• Long-term holders have increased their total balance to 4.5 million BTC as of Thursday, signaling a transfer of coins to stronger hands [2].
• Network revenue reached a 2026 high of 89 BTC in May, which helped reduce the operational pressure on miners to liquidate their holdings [1].
• Derivatives data shows that open interest has cooled to approximately $22.31 billion, reducing the risk of a cascading long-position liquidation [1].
• Indicators such as the short-term Sharpe Ratio suggest the market is currently in an accumulation phase historically seen in 2015, 2019, 2020, and 2023 [2].

Miners and Market Dynamics

The recent flip to miner accumulation aligns with a recovery in network demand and fee revenue [1]. After hitting a monthly low of 74 BTC in April, transaction fee income climbed to 89 BTC in May, the highest level recorded in 2026 [1]. This increase in revenue provides miners with the necessary capital to cover operational costs without needing to sell their Bitcoin reserves [1]. While June’s revenue currently sits at 26 BTC, this figure is incomplete and does not necessarily indicate a downward trend [1].

Simultaneously, the broader market structure appears to be stabilizing. While some older "whale" wallets have engaged in profit-taking, data from Glassnode indicates that long-term holders have maintained a positive 30-day net position change of 88,000 BTC [2]. This absorption capacity has helped mitigate the impact of selling pressure from older wallets [2]. Furthermore, the buy-and-sell pressure delta is moving toward neutral territory, suggesting that the phase of forced selling has largely concluded [2].

Why it matters

The convergence of miner accumulation and reduced leverage in the derivatives market provides a clearer picture of current network health [1]. With open interest dropping from a late-May high of $31.26 billion, the market is less susceptible to the volatile "long-flush" events that characterized earlier periods of high leverage [1]. Analysts suggest that for those observing the cycle, the current data points toward a transition between exhaustion and confirmed demand recovery [2]. Moving forward, the sustainability of this trend will depend on whether miners continue to accumulate, whether fee revenue maintains its growth, and if open interest remains at contained levels [1].