The Bitcoin market is experiencing an interesting shift. The current pressure on the price of the leading cryptocurrency is being driven not by miners, as has often been the case in the past, but by ordinary investors. On-chain data analysis shows that the main wave of selling is coming from retail and institutional participants, while miners and long-term holders prefer to hold onto their assets.
The key indicator here is the net inflow of Bitcoin to Binance. A positive value for this metric — +623 BTC — signals that more coins are flowing into the world's largest exchange than are being withdrawn. Given Binance's dominant role in global liquidity, this is a direct indication of increasing selling pressure.
Three Signals of One Picture
Analysts highlight three complementary metrics that combine to form a single picture of growing selling pressure.
1. Net Inflow to Binance (+623 BTC). This indicates that investors are increasing their coin balances on the exchange, preparing for liquidation.
2. Puell Multiple at 0.62. This metric, reflecting miner profitability relative to the historical average, is below one. This means miners are earning less than usual, but notably, they are not rushing to sell coins at a loss. They are holding their positions.
3. NUPL (Net Unrealized Profit/Loss) Ratio at 0.16. This indicator shows that the unrealized profit of market participants remains low. Many investors are selling either with minimal profit or even at a loss. The overall sentiment is far from euphoria.
Together, these three factors paint a picture of a market where the main source of supply comes not from miners, but from other groups of investors. This distinguishes the current situation from periods when mass sell-offs were triggered specifically by miners.
Conclusions and Outlook
Thus, the increase in liquidity on the sell side is not linked to panic or mass profit-taking. Investor behavior reflects caution rather than fear. Miners and long-term holders are not showing enough activity to amplify the pressure, which limits its scale.
Future dynamics will depend on whether investors continue to increase their balances on exchanges. If the inflow to Binance stops or turns into an outflow, selling pressure could quickly dissipate, paving the way for a price recovery.
Analyst Comment: The current balance of power is more encouraging than alarming. The fact that miners are not selling, despite low profitability, speaks to their belief in the asset's long-term potential. The main risk now is the psychology of retail investors, who may succumb to emotions. If they hold their positions, the market could have a chance to consolidate above current levels.