Pressure on Bitcoin: investors sell, miners hold — who controls the market?
The Bitcoin market is experiencing an intriguing moment: price pressure is coming not from miners, but from retail and institutional investors. My analysis of fund flows and key on-chain metrics shows that sellers are most actively building positions on the world's largest exchange — Binance, while miners and long-term holders are demonstrating restraint.
What the numbers say: Inflow to Binance, Puell Multiple, and NUPL
The net inflow of Bitcoin to Binance stands at +623 BTC. This means more coins are being deposited to the exchange than withdrawn. Given that Binance is a global liquidity hub, such a signal directly points to increased selling pressure. However, this is not panic: investors are rather showing caution, locking in small profits or minimizing losses.
Miners, on the other hand, are behaving conservatively. The Puell Multiple is at 0.62 — below the historical average. This indicates that miners' revenues remain modest, but they are not rushing to dump coins at a loss. The NUPL (Net Unrealized Profit/Loss) ratio at 0.16 confirms that most market participants are either in slight profit or in a loss zone, and the overall sentiment is far from euphoria.
Who is putting pressure on the price?
The combination of these three metrics paints a clear picture: the main supply is coming from investors who are transferring BTC to exchanges for sale. Miners and long-term holders are not participating in this process. This balance of forces differs from past cycles, when sell-offs were often initiated by miners after halving events or during declining profitability.
The scale of pressure is still limited — this is not mass profit-taking, but rather a tactical adjustment of positions. Further dynamics will depend on whether the growth of balances on Binance continues. If investors start withdrawing coins back to cold storage, the pressure may ease, and the market could have a chance to recover.
My conclusion: The current situation is not critical but requires attention. The market is in a phase of "cautious dumping," where sellers are not panicking, but buyers are not aggressively accumulating positions either. If miners continue to hold their coins and investors do not increase inflows to exchanges, Bitcoin may stabilize in its current range. However, any external shock could shift the balance in favor of sellers.