Bitcoin (BTC) demand from long-term holders rose 48.5% over the past seven days, coinciding with a marked decline in miner selling as the Miners’ Position Index (MPI) fell to levels not seen since earlier in 2024. The data suggest long-term participants are steadily absorbing supply while miners reduce outflows.
CryptoQuant shows accumulator addresses boosted holdings to about 205,000 BTC on March 30 from roughly 138,000 BTC on March 23, following a pullback from a March peak near 210,000 BTC. The accumulation increased during the recent price decline, signaling active absorption of available coins.
Crypto analyst Nino noted the MPI 30-day moving average dropped to -1.042, a level that indicates miner outflows are well below the one-year average. Lower MPI values imply fewer coins entering circulation from miners, easing immediate sell-side pressure.
Together, rising accumulator balances and reduced miner selling limit the amount of Bitcoin flowing to market, pointing to a phase where long-term holders buy while miners sell less.
Short-term exchange flows paint a different picture. Binance’s seven-day net taker flow slid to negative $1.2 billion on Monday, reversing earlier March strength when the metric showed a positive $3.28 billion on March 15. That reversal reflects increased aggressive sell pressure in derivatives markets.
Sentiment has shifted negative as well: the Bitcoin Unified Sentiment Index sits at -62.9%, below the -50 threshold and well under the near-neutral -2.42 reading from March 15. The index blends derivatives positioning, volatility and volume to gauge directional bias; readings below zero point to sustained sell-side dominance. However, the index moving back toward neutral from deeper extremes suggests fear has eased and conviction on both sides remains limited, with activity tied closely to liquidity around the current $75,000–$60,000 range.
This dynamic—long-term accumulation combined with cooler miner selling but heightened short-term exchange selling—highlights a market shaped by divergent participant behaviors and liquidity flows.
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