Bitcoin miner reserves stood at the 13th percentile of the past year on 27 October 2026 (Z -1.10). Over the same period, Bitcoin network hashrate was at its 81st percentile (Z +1.55), and difficulty reached a 6-month high of 140.6T (Z +2.03).

Read together, these figures may suggest that Bitcoin miners are retaining coins rather than selling into the market, while network security remains strong. Transfers from miners to Binance are also very small: the 7-day view shows only a handful of miner-to-Binance transactions, with counts at the 2nd to 17th percentile of the year.

If this pattern holds, miner supply may be a smaller source of sell pressure than in earlier periods of falling prices. Miner reserves are still low in relative terms, so the signal depends on whether reserves keep falling or stabilize.

One candidate explanation, unverified: miners may be holding a larger share of their output because they expect higher future Bitcoin prices, or because operating costs have eased.

For now, the clearest reading is that miner supply to exchanges appears limited, while the Bitcoin network remains secure. Whether this continues depends on whether reserves start rising again.

Not financial advice.

Written by CryptoOnchain