- Bitcoin miners now drive just 3.3% of on-chain volume, despite BTC hitting record highs above $100,000.
- Miner activity has dropped to its lowest since 2022, signaling rising dominance from institutional and retail buyers.
- With miners sidelined, Bitcoin’s bullish trend may continue, but sharp price swings could follow from non-miner flows.
Miner activity has dropped to 3.3%, the lowest share since November 2022. This decline comes as Bitcoin trades above $100,000, raising new questions about who is driving the market.
Miner Activity Sinks While BTC Rallies to New Highs
Miners’ on-chain volume share has collapsed to multi-year lows despite Bitcoin reaching record-breaking price levels. “The percentage of on-chain volume belonging to Bitcoin miners is at multi-year lows,” stated AltCryptoGems.
The chart shows that miners once made up over 30% of total volume during key historical cycles. Today, their contribution has fallen below 3%, signaling a major shift in market structure.
That decline is visible across multiple rallies, with miner activity staying muted even as Bitcoin’s price keeps climbing. This change reveals a growing influence from non-miner market participants.
According to Sjuul, Miners Now Represent Just 3.3% of On-Chain Volume
According to Sjuul, this drop to 3.3% marks the lowest miner share since late 2022 and reflects a significant trend shift. The announcement notes how miner activity continues to fade despite bullish momentum in the broader market.
From early 2023, Bitcoin pushed above $60,000 and broke $100,000, yet miner share moved sharply lower. The red arrow on the chart highlights this new low near the 2% mark.
Such a drop suggests a new phase in Bitcoin’s cycle, where institutional flows and retail speculation are likely dominating demand. That change could affect how future bull runs form and where price support emerges.
BTC Bullish Momentum Holds-But With a Warning
Historically, miners often offloaded during price rallies, creating localized tops. With their share now minimal, selling pressure from mining wallets could remain subdued.
That shift could support Bitcoin’s bullish structure in the short term. But it also shows that price could shift faster when macro pressure or large trades hit the market.
If Bitcoin holds above $100,000 while miners stay out, bullish momentum could continue-but price may stay unstable. The next phase will likely depend on whether miners step back in or let other players drive the trend.
