Investors are putting pressure on Bitcoin, while miners are adopting a wait-and-see approach.
The Bitcoin market is experiencing an interesting moment: the main pressure on the price comes from investors, not miners. An analysis of key on-chain metrics shows that the inflow of coins to the largest exchange, Binance, is growing, while miners and long-term holders, on the contrary, prefer to hold onto their assets.
Three signals of one picture
A comprehensive assessment of three indicators paints a clear picture of growing selling pressure from retail and institutional investors. The net inflow to Binance stands at +623 BTC — meaning more coins are entering the exchange than being withdrawn. Given Binance's dominant role in global liquidity, this is a direct indicator of increased selling.
At the same time, the Puell Multiple indicator is at 0.62, significantly below the historical average. This metric reflects miners' profitability relative to past periods. A low value suggests that miners are not rushing to lock in profits and are likely accumulating coins rather than selling them at a loss.
The third signal is the NUPL (Net Unrealized Profit/Loss) ratio at 0.16. It shows that the unrealized profit of market participants remains modest. Many investors are selling either with minimal profit or even at a loss, indicating a cautious rather than panicked sentiment.
Who is putting pressure on the price?
The combination of these data clearly indicates that the main source of supply in the market is not miners, but other groups of investors. This behavior is drastically different from previous cycles, when miners typically triggered large-scale sell-offs.
The most influential factor for the price right now is the growing volume of Bitcoin being transferred to Binance. This inflow creates the main pressure on the sell side. Meanwhile, neither miners nor long-term holders are showing enough activity to amplify it.
Thus, liquidity on the sell side is increasing, but it is not linked to mass profit-taking or large sales by the miners of the leading cryptocurrency. Investor behavior reflects caution and a desire to "ride out" uncertainty rather than panic.
My conclusion: the current situation is less alarming than during broad sell-offs. The absence of pressure from miners and long-term holders is a bullish signal. Further dynamics will depend on whether investors continue to increase their balances on the exchange or whether the reverse process of withdrawing coins to cold storage begins. For now, the market is balancing on the edge, but the foundation for growth remains.