While there are still two weeks until the end of April, Bitcoin miners managed to net stack approximately 759 BTC, the first positive month since January.
Daily net flow dropped from a +1,175 BTC inflow on Apr. 6 to a -1,627 BTC outflow on Apr. 7, mirroring Bitcoin’s rapid dip. This volatility in miner flows shows why they serve as useful gauges of market pressure.
Positive net flows tighten the available supply and reflect miners’ confidence in future price action, while negative net flows show miners are selling to cover costs or lock in profits, thereby adding selling pressure.
Understanding why the net accumulation we’ve seen so far in April is significant requires comparing it to previous months. In February, miners shed about 1,070 BTC; in March, they offloaded another 829 BTC.
Yet on March’s steepest drawdowns, miners tempered sales and even picked up small amounts below $80,000, providing a subtle price floor. This shows how miners often sell into strength and hold through weakness.
April flows surpass 2025 average
April’s daily net flows vary with a standard deviation of roughly 530 BTC, above the 420 BTC average for 2025 and the 350 BTC seen in 2024. This heightened variability corresponds with a stronger correlation between daily net flows and price changes in 2025 (0.35) versus 0.28 in 2024.
For example, the 2,853 BTC net outflow on Dec. 6, 2024, preceded fresh weakness below year‑end highs, and the 1,531 BTC inflow on Dec. 15, 2024, followed the stabilization near $75,000.
This month, the Apr. 7 outflow foreshadowed the mid‑month dip, while Apr6’s’s inflow tracked recovery into the upper $80,000s. Sensitivity like this illustrates miners’ adaptive response to volatile conditions and shows why net flows can be used to predict near-term price movements.
Miner behavior at the end of 2024 further confirms this. In October, miners added modest amounts while prices climbed from the mid-$60,000s to $80,000, accumulating a few hundred BTC as traders positioned ahead of the US presidential election on Nov. 5.
November then delivered a new all-time high of $108,300, a rise fueled by election optimism that Trump’s pro-crypto administration would spur demand.
However, rather than selling into that peak, miners ended up with a net inflow of around 155 BTC in November, potentially indicating their belief in Bitcoin’s upside.
This diverged from their usual pattern of heavy selling at cycle highs and set the stage for the substantial 4,312 BTC distribution in December when fees and frenzy gave miners ample incentive to monetize.
Transaction fees have waned sharply since the 2024 frenzy. In April, miners earned just 5.6 BTC per day in fees on average, compared with peak fee days exceeding 30 BTC during the rush of halving‑related activity in 2024.
Net flows and fees show weak correlation
The weak 2025 correlation between net flows and fees (–0.22) suggests that while higher fees can reduce immediate selling, Apr. 11’s 7.7 BTC fee day saw only a 469 BTC outflow—miners remain chiefly driven by price expectations and operational costs.
When fees were elevated in late 2024, miners had little need to liquidate block rewards immediately, supporting a rare stacking phase. With fee income negligible relative to the 450 BTC daily subsidy, miners rely heavily on block rewards plus strategic sales to fund expenses.
Beyond on‑chain mechanics, broader market events in March and April influenced miner behavior. A surprise executive order in early March establishing the “Strategic Crypto Reserve” briefly lifted Bitcoin from around $78,000 to above $95,000.
Miners responded with elevated outflows into that spike, then tempered sales as the price plunged back below $80,000 amid tariff‑driven market jitters. That seesaw action typifieminers’stenminers’o’o sell into euphoric rallies and hold or buy during pronounced dips.
In April, the retreat of tariff headlines and a quiet policy calendar produced a calmer trading environment. Confident in the $80,000–$90,000 range, miners seem more eager to rebuild reserves than continue selling.
April’s return to net stacking signals a pause in distribution pressure and suggests miners view current prices as fair value or undervalued risk‐reward opportunities. Historically, shifts from heavy selling into sustained accumulation have preceded durable market bottoms and the next bullish phases.
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