Warning: $BTC Falling on Demand Void, Not Miner Selling
The popular narrative blames miners for the recent $BTC decline. The data tells a different story.
- Miner Supply Ratio: falling since early 2025
- Miner Selling Power: also declining
- Miners are selling LESS post-halving, not more
The actual signal: a demand void. The market has shifted from supply-driven to demand-driven. Without whale accumulation or ETF inflows absorbing the float, $BTC drifts lower.
Verdict: Until demand returns as the driver, $BTC remains vulnerable. Watching buyers — not miners.