🚨 $BTC DROPPING — BUT NOT BECAUSE OF MINERS
The narrative says miners are selling.
The data says otherwise.
• Miner Supply Ratio → declining since early 2025
• Miner Selling Power → also dropping
• Post-halving → miners are selling LESS, not more
So what’s really happening?
👉 Demand is missing.
No strong ETF inflows.
No aggressive whale accumulation.
No absorption of supply.
This isn’t a supply problem anymore —
it’s a demand void.
📉 Without buyers, price drifts lower.
Stop watching miners.
Start watching who’s buying.
Verdict: Vulnerable until demand returns.