Bitcoin supply dynamics are tightening as miners and veteran holders opt to hoard rather than sell, despite the cryptocurrency hovering near record highs close to $100,000. On-chain data compiled by CryptoQuant show that so-called “Satoshi-era” miners have sold only around 150 BTC so far this year, a fraction of the almost 10,000 BTC they off-loaded in 2024. Miners are instead swelling their treasuries. Addresses holding between 100 and 1,000 BTC increased their combined balances from 61,000 BTC in March to roughly 65,000 BTC, the highest level since November 2024. Across all categories, miners have added about 4,000 BTC to reserves since April. The pattern extends beyond the mining sector. Glassnode estimates that long-term investors—wallets dormant for at least 155 days—now control a record 14.7 million BTC. Separate research cited by market commentators puts net accumulation by these long-term holders at roughly 800,000 BTC per month, underscoring broad conviction in the asset even amid short-term price swings. Early-era wealth is also stirring. On-chain trackers detected the first activity in 14 years from at least two wallets created in 2011 that shifted more than 20,000 BTC, valued at $7 billion to $9 billion. The large transfers have not yet translated into exchange inflows, suggesting limited immediate selling pressure and reinforcing the prevailing hoarding trend.