Key Takeaways
What does miner behavior reveal about Bitcoin’s prospects?
The miners did not dump their assets at top local companies, but only gradually sold them, which is a sign that the market is healthy.
What can holders expect next?
Institutions were bullish for the next three to six months, and sellers weakened in the short term. There is still hope for recovery.
The short-term Bitcoin [BTC] According to a recent report, holders were still under pressure. Historically, however, this level of short-term distress has preceded sustained rallies.
In the short term, conditions were uncertain, but in the long term this could be an opportunity.
Nearly 67% of institutions surveyed by Coinbase revealed that they had a bullish forecast for the next three to six months. The accumulation of whales and a relatively small drop in BTC’s illiquid supply in the third quarter of 2025 also supported the idea of a positive long-term conviction.
A subtle but important shift in the behavior of Bitcoin miners
In a message at CryptoQuant Insightsanalyst CryptoOnchain noted that the Miner’s Position Index reflected reduced selling pressure.
In fact, the MPI’s 100-day simple moving average reached -0.12, meaning miners were selling less than their 100-day average.
Since July, the MPI has been trending upward from deeper lows, indicating a mild shift from accumulation to controlled distribution rather than aggressive offloading.
The net position becomes positive again
Glassnode data confirmed this moderation. The Miner Net Position Change metric, which tracks 30-day balance shifts in supply held by miners, was mostly green from May to early August, indicating accumulation.
August sales have contributed to the rising MPI, but over the past six weeks miners have shown a tendency to accumulate. This supported the idea that the sale of miners was controlled and not ruthless.
Earnings share data supports the easing of pressure
Crypto analyst Axel Adler Jr noted that the selling pressure has started to soften.
This conclusion was based on the increase in the percentage of supply in profit. It showed that the price dip was bought.
Although fewer coins made gains compared to a month ago, absorption was shallower. This pattern indicated that the bearish momentum was losing steam, and demand was quietly returning.