Bitcoin miners return to accumulation as fees climb

Bitcoin miners reversed six weeks of net selling and logged three consecutive days of positive net position change beginning June 5. The prior selling stretch ran from April 23 through June 4. The accumulation began after bitcoin fell below $60,000.

On-chain fee revenue rose to 89 BTC in May, the highest monthly total so far this year. By comparison, February recorded 80 BTC, March 79 BTC and April 74 BTC. June’s fee total stands at 26 BTC for the first eight days and is incomplete.

Higher transaction fees increase the share of miners’ revenue that comes from fees rather than block rewards, which can reduce immediate pressure to sell newly mined coins to cover operating costs.

Derivatives metrics show total open interest declined from about $31.3 billion in late May to near $22.3 billion after touching $21.1 billion. The funding rate is around 0.005%, slightly below the 0.006% level seen in early June. Lower open interest reflects reduced market leverage.

The funding rate turning positive indicates traders are skewed toward long positions, and some large holders recorded losses after the price drop. Market participants are monitoring whether miners continue to add to inventories, whether fee revenue increases through June and whether open interest remains contained.

Miners’ net position change measures whether mining operations add to or reduce their bitcoin inventories. Open interest tracks the total value of outstanding derivatives contracts. The funding rate reflects payments between long and short traders to keep perpetual futures aligned with spot prices. Fee revenue helps miners cover costs without immediate sales.