Bitcoin Miners' Holdings Hit One-Month Low at 1.8M BTC as Hash Rate Declines

Gate News message, April 26 — Bitcoin miners’ holdings dropped to 1,803,263 BTC (approximately $207.9 billion) as of April 25 at 2 p.m., according to CryptoQuant data. This represents a decrease of 1,248 BTC from seven days prior and marks the lowest level in approximately one month since March 23.

The bitcoin network’s seven-day average hash rate fell to 940.775 billion TH/s (terahashes per second) on the same date, down 53.15 million TH/s from the previous week, indicating reduced mining activity. Bitcoin’s Fuel Multiple metric declined to 0.78, down 0.06 from seven days earlier. The Fuel Multiple—calculated by dividing daily bitcoin mining output by its 365-day moving average—gauges whether mining is overheated or undervalued. Values above 4 signal overheating (typically preceding price declines), while values below 0.4 indicate undervaluation (often preceding price increases).

The decline in miner holdings suggests that miners are selling, lending, or using their bitcoin as collateral. These metrics are based on data from April 18 to April 25.