<p>Pressure on Bitcoin is growing: investors are selling, miners are holding positions</p>

The Bitcoin market is experiencing a period of unusual distribution of forces. On-chain data analysis shows that the main pressure on the price of the leading cryptocurrency comes from investors, while miners and long-term holders demonstrate restraint, preferring to hold onto their coins rather than lock in profits or losses.

Key Sales Metrics

A comprehensive analysis of three critical indicators confirms the readiness of a certain group of participants to sell. The net inflow of Bitcoin to Binance, the world's largest crypto exchange, stands at +623 BTC. This means more coins are arriving on the platform than are being withdrawn, which is a direct signal of increased selling pressure.

However, miners remain on the sidelines of this process. The Puell Multiple index is at 0.62, significantly below the historical average of 1.0. This indicates that miners' revenues are relatively low, and they are not rushing to sell their mined coins. Instead of panic selling, we are observing a strategic holding of assets.

Market Psychology

The NUPL (Net Unrealized Profit/Loss) coefficient at 0.16 adds color to the overall picture. This metric reflects that the net unrealized profit of market participants remains low. Many investors are either selling at a loss or with minimal margin, indicating caution rather than euphoria. The overall sentiment is far from a "bullish" rally.

Thus, the increase in Bitcoin volumes on Binance is creating the main pressure on the price. But this process is not linked to mass profit-taking by long-term holders or miner capitulation. Rather, it reflects a tactical regrouping of short-term speculators.

Expert comment from Cryptalist: The current situation is a classic example of market uncertainty. Miners, by refusing to sell at low profitability, are creating a supply "floor." However, if the inflow to exchanges continues and demand remains sluggish, the pressure on the price will persist. The key question is whether "whales" and institutions will be able to buy up this volume, or if we will see further correction.