 
 
Bitcoin may be facing a fresh wave of selling pressure as miners continue to move reserve coins at historic levels. Data tracked by market watchers shows miner outflows measured on a seven-day average. Inflows are trending near record lows, as miners offload or reposition holdings.
Historically, large miner transfers have often foreshadowed selling activity, even when part of the movement is for internal management. But unlike past cycles marked by deep drawdowns, this one appears less stressful for miners.
Comparing Bitcoin’s current drawdown with previous bear markets suggests that, despite volatility, miners are relatively comfortable with the cycle, thanks in part to Bitcoin’s higher valuation and stronger adoption.
Market positioning could amplify volatility
Over the past week, a surge of short positions against Bitcoin has been liquidated, most notably around the $115,000 level.
Glassnode’s liquidation heatmaps confirm that clusters of high short liquidations triggered last night’s upward spike, with liquidity now concentrated at $116K for shorts and $109.3K for longs. That positioning could mean sharp moves in either direction, depending on which side of the market gets squeezed next.
 
At press time, Bitcoin is trading at $115,445.20, up 0.77% in 24 hours and down nearly 4% over 30 days. The global crypto market cap has risen 1.2% over the same period, with BTC dominance steady above 57%.
Furthermore, Spot Bitcoin ETFs absorbed $553 million in inflows recently, while corporate moves like a $100 million BTC treasury strategy partnership between DDC and Animoca Brands add to long-term demand.
The CEO of Galaxy Investment Partners, Mike Novogratz, and Tom Lee, Co-founder and Head of Research at Fundstrat Global Advisors, cite ETF flows and upcoming Fed rate cuts as catalysts, with Lee projecting $200K BTC by late 2025.
For now, all eyes remain on whether miners’ reserve outflows translate into sustained selling, or if institutional accumulation can keep tightening supply and push Bitcoin toward its next breakout.