Bitcoin Whale Count Climbs as Price Hits New All-Time High, Miner Selling Accelerates

Bitcoin is showing once again why it’s the most impressive financial instrument of our times. Ever since it surpassed $64,000 for the first time in mid-April, it has continued climbing, recently hitting price levels around $68,000. And it’s not just the price itself that is impressive, but rather the number of influential participants in the ecosystem and how they’ve been behaving along with the price. Ostensibly, the price seems to be signaling powerfully in one direction: up. But you can never understand market dynamics purely through price. In this case, you do have to look under the hood. And what you’re finding underneath the Bitcoin hood tends to reinforce belief that this price uptick is undergirded as much by power dynamics in the ecosystem as it is by just plain old price action. Bitcoin Whales on the Rise Amid New Price Milestone Bitcoin whales, often seen as key market movers because of their large holdings, now number 1,455 entities, up from a contraction in late April. This renewed growth among the largest of Bitcoin holders reflects either a new accumulation phase or consolidation among holders of the original cryptocurrency. At the very least, a higher count of Bitcoin whales signals a ramped-up interest in the storied asset among some very wealthy or institutional players. After dipping in late April, the number of #Bitcoin whales (≥1k $BTC ) has resumed its climb – reaching 1,455 entities even as the price hit a new ATH: https://t.co/O9oN7mZlLk pic.twitter.com/2zebaS6vik — glassnode (@glassnode) May 27, 2025 In the Bitcoin ecosystem, whales have a really big role. Their buy and sell decisions result in a liquidity influx or just as much in a liquidity drain, and are therefore pretty much the most direct influence on the market. The number of Bitcoin whales has been on the rise. This could signal that confidence remains strong among the biggest holders. Nonetheless, it’s critical to point out that a rise in the number of whale holders doesn’t equate to all whales stacking more Bitcoin. Reflecting developments in the whale segment, we could be seeing two things: 1. A count increase in actual whale wallets, which signals a favorable trend for the distribution of Bitcoin among major holders. 2. An increase in the number of wallets with at least 1,000 BTC, which could mean that some of the new wallets are simply picking up chunks of Bitcoin. Miners Respond to ATH with Increased Selling Activity Ever since the price of Bitcoin surged to a new all-time high, there has been a noticeable uptick in the number of miners selling their newly minted coins on exchanges. Recent data shows that daily inflows of Bitcoin from miners to exchanges have doubled—from an average of 25 BTC per day to around 50 BTC per day. This is an impressive, if not quite astonishing, acceleration, and it is one that has surely caught the eye of quite a few market observers as of late. After the ATH, miners have stepped up their sales on exchanges. Inflows have doubled from an average of 25BTC to 50BTC per day, while historical peaks reach around 100BTC. This shows that selling has indeed accelerated though we’re still a long way from peak volumes and the… pic.twitter.com/fTsGLyKovc — Axel Adler Jr (@AxelAdlerJr) May 27, 2025 This increase in miner selling is a direct response to the market. Sometimes miners just sell to cover the basic operational costs that you would expect from any business—stuff like electricity and maintaining the actual hardware. But when the price of Bitcoin doubles, and you’re the one producing it, it becomes quite reasonable to take some profits on the way up. Even with the rising sales, the market has seemed capable of taking in this extra supply. This points to a very liquid market and a demand from buyers that seems ongoing and ready to absorb miner selling without causing much in the way of price disruption. There is a balance right now between how much miners are supplying and how much the market is able to take in. And that balance is crucial if we want to avoid having the price skyrocket in a bull run or crash under selling pressure when the network is collapsing for some reason. Miner Revenue Signals Strong Network Activity, But Room to Grow The generation of revenue for miners offers another glimpse into the health of the Bitcoin network and the dynamics of its market. At present, miners are bringing in about $50 million daily in Bitcoin rewards and, yes, fees. That number is a big one, a sign that mining is going on at a scale at which sufficient security is being delivered to the network. At present, miners are earning around $50M per day, while historical revenue peaks exceed $80M. This indicates a high but not yet peak level of network activity: miners are already generating significant income, yet there’s still room to climb back to those previous highs. pic.twitter.com/OKFof2GalA — Axel Adler Jr (@AxelAdlerJr) May 27, 2025 Miners have surpassed historical revenue highs of $80 million per day, suggesting that not only are we at a high point now, but there’s still room to grow before hitting the levels of past peaks. It makes you wonder just how far network activity and overall profitability can go. And is there more incentive for miners to hop on board or for the price of the assets themselves to appreciate? This interplay between miner earnings and market conditions often acts as a bellwether for Bitcoin’s broader ecosystem. Higher miner revenue can incentivize increased mining capacity and network security, but it also leads to higher sell pressure as miners convert rewards into fiat or other assets. The recent trends surrounding Bitcoin whales and miner selling provide us with a somewhat complicated view of the current Bitcoin market. Selling by miners has increased because they’re now taking advantage of the higher prices. They’re clearly not holding onto their Bitcoin in any significant amounts anymore, and they don’t seem to be too worried about the upcoming halving. Whales, on the other hand, seem confident in the future of Bitcoin. They’re not selling, and in fact, some of them might even be buying. The market seems capable of absorbing significant amounts of Bitcoin without too much fuss. The current evolution of Bitcoin provides a fascinating glimpse into its dynamic future. Watching the balance between whale accumulation, miner liquidation, and demand from the wider world will be vital to understanding just what the price action and overall network health will be across the next months. In these parts, it’s generally understood that our ecosystem is vibrant. Whale numbers are up, miner revenues (while solid) aren’t through the roof, and that means we’ve still got the appearance of a maturing, healthy Bitcoin. But is it really that way, and if so, what does it mean? Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !