Bitcoin miners hold record reserves amid falling mining stocks

Bitcoin mining companies have increased their on‑chain holdings to about 1.1938 million BTC, just over five percent of the circulating supply. This level is the highest since early May, even as the price of Bitcoin has failed to break the $64,000 mark and mining equities have fallen roughly 10 % in the past month. The Artemis Theme Tracker shows major mining stocks such as Iris Energy and Applied Digital down about 20 % each, while only Cipher Mining posted a gain.

The Bitcoin Miners’ Position Index is now –1.1, indicating that miners are largely holding rather than selling, and the Miner Supply Ratio has risen to 0.05951. Analysts say this reduces natural sell pressure and improves Bitcoin’s supply dynamics.

Separately, a former Meta engineer warned that Bitcoin faces two long‑term structural risks: the eventual emergence of quantum computers that could break ECDSA signatures, and a shrinking miner‑fee market after successive halvings that could undermine network security. Both issues, combined with ongoing regulatory pressure, represent challenges to Bitcoin’s future resilience.