Bitcoin accumulation addresses absorb 67K BTC as miner-led selling falls: Data
Bitcoin (BTC) demand from long-term holders increased by 48.5% over the past seven days. This rise in accumulation coincided with a sharp decline in Bitcoin miners’ selling activity, as the Miners’ Position Index (MPI) dropped to levels last seen in 2024.
The development highlights a phase where long-term participants are steadily absorbing Bitcoin, while selling from the miners continues to decrease.
Bitcoin accumulators expand as miner outflows cool down
CryptoQuant data shows that the demand from accumulator addresses lifted holdings to roughly 205,000 BTC on March 30 from 138,000 BTC on March 23. The increase follows a drawdown from a March peak near 210,000 BTC, marking a renewed phase of demand from long-term participants.
Bitcoin demand from accumulator addresses. Source: CryptoQuant
The BTC accumulation increased during the recent price decline, indicating an active absorption of available supply.
At the same time, Bitcoin miners' behavior has shifted. Crypto analyst Nino highlighted that the Miners’ Position Index (MPI) 30-day moving average has dropped to -1.042, a level last seen in 2024 lows.
Bitcoin miner position index. Source: CryptoQuant
MPI measures the ratio of total miner outflow to its one-year average. Lower values imply reduced selling relative to historical norms. This indicates fewer coins are entering circulation from miners, easing immediate sell-side pressure.
The rising accumulator balances and lower miner selling reduce the amount of Bitcoin entering the market. This points to a phase where long-term holders are buying while miners are selling less.
BTC exchange flows signal fading demand
The short-term positioning on exchanges exhibits a different pattern. Binance’s seven-day net taker flow slipped to negative $1.2 billion on Monday, aligning with the recent downside pressure. Earlier in March, the same metric recorded a positive $3.28 billion flow on March 15. The reversal highlights an increase in aggressive sell pressure across derivatives markets.
Bitcoin seven-day net taker flow on Binance. Source: CryptoQuant
The sentiment data reinforces this shift. The Bitcoin Unified Sentiment Index sits below the -50 threshold at -62.9%, compared with a near-neutral reading of -2.42 on March 15. The index combines derivatives positioning, volatility and volume signals to gauge directional bias. A reading below zero points to sustained sell-side dominance over recent sessions.
Even with the selling pressure visible on exchanges, the sentiment index moving back toward neutral territory marks a change from earlier extremes. Fear has eased while conviction on both sides stays limited, leaving the activity closely tied to liquidity flows around the current range between $75,000 and $60,000.
Bitcoin Unified Sentiment Index. Source: CryptoQuant
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
October Non-farm Payrolls Reignite December Rate Hike Expectations! Wall Street Bets Probability Over 80%, "New Fed News Agency": AI Sell-off May Become a Policy Variable
After the non-farm payroll report, traders' bets on a December rate hike surged to as high as 85%. Wall Street analysts believe the report provides room for further rate hikes, bringing renewed pressure for a hike at a time when post-election market concerns over slowing AI development might dampen expectations. Some remain cautious about a December hike, as stock market volatility and AI investment prospects could restrain the Federal Reserve. "New Fed News Agency" notes the report has not shaken the Fed's outlook on economic growth and inflation, but whether AI asset sell-offs change financial conditions could become a new variable for the December decision. Attention should be paid to whether Waller values lagging employment data or forward-looking market signals.
U.S. non-farm payrolls surge by 165,000 in October, far exceeding expectations! Unemployment rate unexpectedly drops to 4.1%, December rate hike expectations intensify
In October, US non-farm payrolls increased by 165,000, which is 2.5 times the Wall Street median forecast of 65,000 and represents an exceptionally strong deviation of about 5 standard deviations, exceeding the upper limit of all institutional forecast ranges. The unemployment rate unexpectedly fell from 4.2% to 4.1%, while the market had expected it to remain unchanged; average hourly wages also accelerated year-on-year growth to 3.1%. Meanwhile, the previous two months' non-farm payrolls were revised upwards by a total of 84,000. Following the release of the data, the yield on 2-year US Treasury bonds rose by 7 basis points, and the pricing of the probability of a Fed rate hike in December climbed to 70%.
AI Sell-off Hits Anthropic IPO, Potential Valuation Expected to Drop to $1.2–1.3 Trillion
The valuation range discussed by potential investors has been lowered from the previous high of $2 trillion to between $1.2 trillion and $1.3 trillion, and some strategists have even suggested going below $1 trillion to ensure safety. In the face of significant market volatility and financial concerns such as quarterly losses, Anthropic is facing tough decisions, including a discounted valuation, reducing the size of the offering, or postponing the listing.
Crypto prices
More
