Bitcoin’s recent price surge to $103,000 has triggered a shift in miner behavior, who have swapped their long-running selloff trend for accumulation. Mining production costs have also soared, and with small investors re-entering the market, the largest crypto by market cap might witness a continued rally over the next couple of weeks.
According to blockchain analytics firm Glassnode, Bitcoin miners are no longer offloading their BTC reserves, quietly returning to accumulation mode. The data shared by the firm shows miners have increased their holdings for the first time since late 2023.
Miner wallets held approximately 1,794,622 BTC as of April 12. By May 13, that figure had grown to 1,797,330 BTC, an addition of 2,708 coins or about 0.15%. The increase occurred just as Bitcoin found a temporary floor under $75,000 in April.
Miners grapple with production costs
The renewed hodling position comes at a time when mining Bitcoin has become significantly more expensive. According to new estimates shared by tech news publication PCGamer, the cost of producing a single BTC now exceeds $82,000 for the largest publicly traded mining firms, nearly double the cost from the previous quarter.
For smaller operators, on average, expenses could accrue roughly $137,000 per Bitcoin, a figure that renders mining operations uneconomical under current market prices, even with BTC trading at around $103,000 as of mid-May.
In Germany, one of the least favorable regions for mining due to high energy prices and regulatory hurdles, the cost of mining a single BTC has been estimated at $200,000. This disparity in operational costs has made miners re-evaluate selling their rewards.
Many firms are now choosing to hold their mined coins rather than sell them at unprofitable margins.
Retail investors return after Bitcoin signals short-term bullish run
In other news, demand from retail investors, defined as those holding between $0 and $10,000 in Bitcoin, has grown in recent weeks, according to blockchain metrics tracking their activity.
CryptoQuant’s BTC Retail Investor Demand 30-Day Change metric turned positive on April 28. Since then, through May 13, there has been a 3.4% increase in retail-driven BTC purchases.
Analysts believe the uptick came after more small investors took back their positions in the market, responding to Bitcoin’s surge to $100,000 in early May. In April, Bitcoin experienced a multi-month low that appeared to signal the end of its previous rally.
Binance Reserve Ratio Above 100% for 30 Consecutive Months!
— CryptoQuant.com (@cryptoquant_com) May 13, 2025
“Since publishing their first Proof-of-Reserve report in late 2022, Binance has consistently maintained a reserve ratio above 100%.” – By @JA_Maartun pic.twitter.com/ECKzKI8RWP
Per contributor Carmelo Alemán, retail traders are often late to trends, but their entry into the market can “amplify bullish sentiments” and add upward pressure on prices. He added that their activity shows optimism is spreading beyond institutions and whales.
Bitcoin is approaching a critical resistance level at approximately $105,800, according to the 4-hour chart. Currently trading at $103,781, the leading crypto by market cap is riding on an ascending trendline after its positive price correction from the April lows.
The coin has faced multiple rejections near the same resistance zone, but bulls appear to be gaining strength, and a breakout could open the path toward retesting the all-time high of $109,935.
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