Examining Bitcoin miner accumulation – Is the market quietly regaining strength?

Key Takeaways

What does the miner behavior reveal about Bitcoin’s outlook?

The miners were not dumping their holdings near local tops but only gradually selling, which is a sign of health for the market.

What can holders expect next?

Institutions were bullish for the next 3-6 months, and in the short-term, sellers were weakening. There is hope yet for a recovery.

The short-term Bitcoin [BTC] holders were still under stress, a recent report showed. However, historically, this level of short-term holder distress has preceded sustainable rallies.

The conditions were uncertain in the short term, but this could be a long-term opportunity.

Nearly 67% of the institutions surveyed by Coinbase revealed they had a bullish forecast for the next 3-6 months. Whale accumulation and a relatively small drop in BTC’s illiquid supply in Q3 2025 also supported the idea of bullish long-term conviction.

A subtle but important shift in Bitcoin miner behavior

Source: CryptoQuant

In a post on CryptoQuant Insights, analyst CryptoOnchain observed that the Miner’s Position Index reflected reduced selling pressure.

In fact, the 100-day simple moving average of the MPI reached -0.12, which meant that miners were selling less than their 100-day average.

Since July, the MPI has trended upward from deeper lows, signaling a mild shift from accumulation to controlled distribution rather than aggressive offloading.

Net position turns positive again

Source: Glassnode

Glassnode data confirmed this moderation. The Miner Net Position Change metric—tracking 30-day balance shifts in miner-held supply—was mostly green from May to early August, indicating accumulation.

The selling in August contributed to the rising MPI, but over the past six weeks, miners have shown a tendency to accumulate. This supported the idea that miner selling has been controlled and not relentless.

Profit share data supports easing pressure

Source: Axel Adler Jr on X

Crypto analyst Axel Adler Jr noted that the selling pressure has begun to ease.

This conclusion was based on the rise in the Percent Supply in Profit. It showed that the price dip was being bought.

While fewer coins remained in profit compared to a month ago, the drawdown was shallower. This pattern indicated that bearish momentum was losing strength, and demand was quietly returning.