[Analysis] "Bitcoin miners’ selling pressure eases…appearing to shift into wait-and-see mode"

Bitcoin (BTC) miners’ selling pressure has recently shown signs of easing.

An Arab Chain contributor to CryptoQuant said via CryptoQuant on the 4th (local time) that “a clear change is emerging in miners’ behavior,” adding that “since the 20th of last month, miner activity has fallen sharply, dropping to the lowest level in recent weeks.”

What Arab Chain focused on was the “Miners’ Position Index (MPI, Miners' Position Index).” Arab Chain analyzed that “the MPI has now fallen to around -0.93,” which “suggests that miners’ selling volume is smaller than the historical average and that the pace at which holdings are being moved to exchanges is slowing.”

Arab Chain noted that “the exact opposite pattern appeared in early last month.” He said, “On Feb. 5, the MPI surged to 2.95, sharply increasing selling pressure versus the annual average,” adding that “such elevated readings are often associated with miners moving large amounts of bitcoin to exchanges—typically linked to strategic selling for profit-taking or to manage volatility.”

The analysis suggests that Bitcoin miners have recently shifted into a wait-and-see stance. Arab Chain said, “Generally, when the MPI is low or negative, miners’ propensity to hold strengthens and exchange deposits tend to decline,” adding that “the post–Feb. 20 drop in miner activity indicates miners may have entered ‘wait-and-see mode’ amid market volatility, rather than a phase of large-scale selling.”