Bitcoin has yet to show a decisive sign of a bullish recovery, with the cryptocurrency’s price falling to around $67,500 just two days after reaching a high of $72,000. This move underlines the market’s continued volatility and lack of clear direction.
The broader story now threatens to become one-sided, with bears gradually gaining control as price action weakens. In fact, recent mining activity seemed to reinforce this outlook.
The position of miners for a possible sell-off
Miners have not yet started selling, but press data suggests they may be preparing to take action soon. AMBCrypto previously reported that miners showed no clear signs of distribution despite changing market sentiment.
This assessment was based on indicators such as Miner Selling Power, which has been showing signs of moderate distribution for months, in addition to a declining supply ratio of miners on Binance.
However, new data may now indicate a shift in positioning. While direct selling has not yet begun, at the time of writing, miners appeared to be moving money in preparation for a possible downside move.
According to CryptoQuant’s Miner-to-Exchange Flow metric, which tracks Bitcoin’s volume [BTC] sent by miners to centralized exchanges, inflows reached a six-day high of 5,450 BTC on March 26.
This represented approximately $373 million worth of Bitcoin transferred to exchanges. Rising currency inflows often indicate increasing selling pressure. While this didn’t quite confirm an impending sell-off, it did imply that Bitcoin could face downside risk in the near term.
Signs of structural weakness
The current wait-and-see attitude of miners indicates a willingness to exit positions if the price falls below a certain risk threshold. While that level remains unclear, one conclusion stands out: Bitcoin is showing signs of structural weakness.
For example, CryptoQuant’s Daily Active Addresses metric, which tracks network usage via transaction activity, is down 30% since its August peak. The number of daily active addresses even dropped from 938,609 on August 8, 2025 to 655,908 at the time of writing.
This decline indicated reduced network participation, a trend that is often accompanied by a weakening market structure and continued price declines.
If this trend continues, the $373 million worth of BTC now listed on exchanges could increase selling pressure during further price declines.
Key support level in focus
Despite rising currency inflows and weakening on-chain activity, the technical structure could still provide a potential cushion. Especially as Bitcoin continues to react to a rising support level that has led to rallies five times since February 6, 2026.
This level now serves as a crucial determinant of the next market move. A confirmed break below support, followed by sustained closes below, would signal a transition to a bearish phase.
Conversely, if Bitcoin recovers from this level, as we have seen in previous cases, a near-term rally could be possible. Such a move could delay or reduce the likelihood of miner-induced selling pressure in the near term.
Final summary
- Bitcoin miners have transferred $373 million worth of BTC to exchanges amid increasing on-chain weakness.
- Bitcoin’s next move now depends on a key support level.