Bitcoin price drops despite low miner selling—demand worries grow
Bitcoin miners aren’t selling, yet Bitcoin is falling, and the article argues the move is unlikely driven by miners. Instead, it points to weak demand that can’t absorb even limited sell pressure.
The common narrative blamed loss-making miners: rising post-halving costs (electricity, hardware, operations) allegedly push miners toward breakeven and forced selling. However, data cited from Cryptoquant challenges this. The Miner Supply Ratio has been steadily falling since early 2025, suggesting miners are distributing less to exchanges such as Binance. In line with that, Miner Selling Power is also lower in recent months, and the Miner Position Index (MPI) shows fewer/only minor short spikes, reducing the likelihood of a miner-led sell-off.
With supply-side metrics deteriorating for sellers, the pressure appears to be coming from elsewhere—potentially ETF investors or whales. The article frames the market as shifting from a supply-driven regime to a demand-driven one. Even tougher supply conditions are not enough to support price when buyers are absent.
Bottom-forming conditions, it says, require returning demand. Until buying interest improves, Bitcoin remains vulnerable to further downside.
Key focus: Bitcoin miners aren’t selling, and Bitcoin is falling—so traders may need to watch demand indicators (including ETF flows and large-holder behavior) more closely than miner sell signals.
Bearish
The article’s core claim is that Bitcoin miners aren’t selling, yet Bitcoin is falling. Miner-side indicators (Miner Supply Ratio, Miner Selling Power, Miner Position Index) reportedly point to reduced distribution from mining entities—so the usual “distressed miner sell-off” thesis looks weaker.
That shifts the driver to demand: if ETF investors/whales are not providing sufficient incremental buying, the market can drift lower even while supply from miners is declining. Historically, this kind of regime change (from supply-led volatility to demand-led weakness) tends to keep downside pressure until clear demand catalysts appear—often signaled by ETF inflow stabilization, improving spot order-book behavior, or renewed risk-on participation.
Short-term, traders may face continued downside bias as lower miner selling fails to offset weak demand. Long-term, the setup becomes more constructive only if buyers return; otherwise, rallies may be capped and “bottoming” attempts can fail repeatedly.