<p>Bitcoin pressure has shifted: investors are selling, miners are holding positions</p>

The Bitcoin market is experiencing a curious shift: the main pressure on the price is coming not from miners, but from investors. An analysis of on-chain metrics shows that miners and long-term holders remain calm, while more coins are flowing into the Binance exchange.

What the numbers say: inflow to Binance, Puell Multiple, and NUPL

A key indicator—the net inflow of Bitcoin to Binance—stands at +623 BTC. This means more coins are entering the world's largest crypto exchange than leaving. Given Binance's dominance in liquidity volume, such an inflow directly points to increased selling pressure.

Meanwhile, miners are staying on the sidelines. The Puell Multiple index, which reflects their profitability relative to the historical norm, is at 0.62. This is below average, indicating reduced mining profitability. However, miners are not rushing to lock in losses—they prefer to hold coins rather than sell them.

An additional signal comes from the NUPL (Net Unrealized Profit/Loss) ratio, which is recorded at 0.16. This indicates that investors' unrealized profits remain low. Many market participants are selling either with minimal profit or at a loss. The overall sentiment is far from euphoria.

Who is putting pressure on the price?

The analysis shows that the main source of supply right now is investors, not miners. This distinguishes the current situation from past cycles, when sell-offs were triggered by miners. Currently, miners and long-term holders are not showing enough activity to intensify pressure.

Thus, the increase in liquidity on the sell side is not related to mass profit-taking or panic. Rather, it reflects investor caution, as they gradually move coins to the exchange without hysteria.

My view: This market structure makes the situation less alarming than during large-scale sell-offs by miners. However, if the inflow to Binance continues to grow and buyer demand does not increase, Bitcoin could face further pressure. The key question is whether the market can absorb this volume without a significant price decline.