Selling pressure from miners is reaching the lowest levels of the cycle. Looking at the on-chain data at this moment, a fairly clear story can be seen: BTC cash flow out of miner wallets has just dropped to extremely low levels. This is not just a technical number, but a behavioral signal that needs to be read in the correct context.
Today, the amount $BTC transferred out from the mining pools is only about 84 BTC. Historically, whenever this cash flow has dwindled to such an extent, it often reflects two parallel possibilities.
One possibility is that miners are confident enough in future price levels, willing to hold onto BTC instead of selling it to cover costs. The other possibility is that the market is in an accumulation phase, where selling liquidity weakens before a larger movement occurs at the macro level.
At this moment, $BTC is being compressed within a relatively narrow price range. As the supply from the group of entities with the largest natural cash flow in the market, the miners, has nearly stopped selling, the market has fallen into a state of selling liquidity shortage. In this context, just a nudge in demand could push prices up very quickly as there is no longer enough selling pressure to absorb it.
From a personal perspective, this is a noteworthy strategic region. The behavior of the mining industry at this time bears many similarities to the periods before major explosions in the past. If history continues to repeat itself, the window for a strong breakout may be very close.
#BTC
