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Bitcoin Down But Miners HODLing, Profitable Above $37,500

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Bitcoin price is trending lower but with rising NUPL and realized BTC price, Bitcoin miners appear to HODLing and upbeat

Bitcoin price is trending lower, but with rising NUPL and realized BTC price, Bitcoin miners appear to be HODLing and upbeat

More than seven weeks after the highly anticipated Bitcoin halving event on April 20, BTC remains firm, and miners adjust to the new reality.

Merely days after Halving, the network automatically re-adjusted the mining difficulty, the largest correction since December 2022.

(BTC Stats)

If anything, the Bitcoin Halving event slashed miner revenue by roughly 59%, forcing total earnings to around $30 million daily. However, with improving prices, profitability now stands at $35 million, a welcomed recovery.

$37,500 Is A Crucial Level For Bitcoin Miners

However, with prices firm and bulls expecting gains in the days ahead, sentiment is high.

At spot rates, the realized price for miners is $37,500. If prices trend at current levels above $67,000, miners can continue operating profitably, provided they don’t drop below $37,500.

Rising mining realized prices may suggest that miners are adjusting to the new reward structure and riding the wave of higher highs.

Should spot prices crash below $37,500, miners must unload their stash to cover rising operational costs.

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The Bottom Line: BTC Miners Are HODLing

So far, one analyst notes that the Network Value to Transactions (NUPL) ratio has also been improving, much to the delight of miners who must expend resources to secure the network.

The NUPL ratio currently stands at around 0.44.



The NUPL gauges miner sentiment and market conditions. It measures the overall unrealized profit or loss in the network. When NUPL rises, miners are making a profit.

Historically, whenever NUPL exceeds 0.75, it means that most BTC holders, including miners, are deep in profits, and that the market will likely peak.

Currently, the NUPL reading is rising, meaning that most BTC holders are opting to HODL, anticipating more price gains in the coming days.

Still, whether BTC prices will rally depends on other external factors, including sentiment and the impact of spot Bitcoin ETFs.


So far, the coin is finding resistance at the $70,000 level and is inching lower towards $66,000. For the uptrend to continue, prices must surge above $72,000, setting the foundation for a strong leg up above $73,800.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes,, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

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