Despite what many people think, Bitcoin‘S [BTC] the recent price drop was not due to the miners.
Instead, the downturn could be related to weak demand. So there are concerns about the market’s ability to absorb supply. With miners close to bottoming out, the next step will likely depend on whether or not buying interest returns.
Are loss-making miners the cause of the sell-off?
That is a common market story in recent times BitcoinThe country’s recent weakness has been caused by distressed miners losing their supply. Rising post-halving costs (covering electricity, hardware and operations) have reportedly pushed many miners close to or below breakeven, forcing them to sell.
However, here it is an opposing view. Miner Supply Ratio, which tracks BTC sent by miners to exchanges Binancehas fallen steadily since early 2025.
In short, miners sell less, not more. Yet Bitcoin’s price first rose and then fell during this period.
The key metric continues to decline
Moreover, there is additional data that proves that it is not the miners.
Miners’ selling power has become lower in recent months, reducing the distribution of mining entities even at weaker prices.
Spikes in this measure have been accompanied by sell-offs, but that pattern has been absent in the current phase.
Similarly, the Miner Position Index (MPI) is also moderate, with only short peaks.
Bitcoin, exposed?
The pressure likely comes from elsewhere, such as ETF investors or whales. We are moving from a supply-driven market to a demand-driven market, so the absence of buyers outweighs the lack of sales.
Despite the stricter delivery conditions, Bitcoin is now trending lower. This means that the market has insufficient demand to absorb even limited distribution.
Supply is no longer the problem. In order for a good bottom to form, demand must return. Until that happens, Bitcoin will remain vulnerable to further downsides.
Final summary
- Bitcoin is declining, despite historically low miner sales.
- Weak demand creates downside risk, making BTC vulnerable on the price charts.