Bitcoin under pressure: investors sell, miners hold positions
The current dynamics of Bitcoin's price show an interesting shift in the structure of market pressure. My on-chain metric analysis, based on CryptoQuant data, indicates that the main source of pressure on the leading cryptocurrency's quotes is not miners, but ordinary investors.
The key indicator here is the net inflow of BTC to Binance. On this largest exchange, we observe a positive balance of +623 BTC. This means that more coins are being deposited to the platform than withdrawn, which is a direct signal of increasing liquidity on the sell side.
A combination of metrics points to sellers
However, looking at the behavior of miners, the picture becomes less clear. The Puell Multiple indicator, which reflects miners' profitability relative to the historical average, stands at 0.62. This suggests that miners are not earning super-profits and, apparently, are in no hurry to take profits, preferring to hold onto their coins.
Additional confirmation comes from the NUPL (Net Unrealized Profit/Loss) ratio, which is recorded at 0.16. This value indicates that many holders are in a zone of minimal unrealized profit or are close to the breakeven point. There is no hype or euphoria in the market.
Thus, we are observing a classic scenario where the price is being pressured not by professional market participants (miners), but by a broader group of investors who may be acting out of caution or locking in small profits. This is not panic, but rather a cautious sell-off against a backdrop of uncertainty.
My analysis and forecast
In my opinion, this balance of forces is less dangerous for the market than massive sell-offs by miners. In the short term, pressure from investors may continue, but it is limited by the absence of panic sentiment. The key factor for a reversal will be either the exhaustion of inflows to exchanges or the emergence of a new growth catalyst that outweighs the current caution. For now, the market is in a consolidation phase with a bearish bias, but without signs of a deep correction.