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
Morgan Stanley’s $50.6M BTC buying shields market – But rally to $82K has THIS hurdle
Will the Fed "continue raising interest rates"? Will the "tightening cycle" of the late 1980s be repeated?
The Citi report points out that the current macro environment is highly similar to the tightening cycle of 1988-1989, when the economy remained resilient and inflation pressures gradually accumulated, followed by a slowdown in economic activity before policies shifted to easing. During that tightening cycle, the Federal Reserve raised interest rates 16 times in a row.
Rare alliance of arch-rivals! Musk and Altman support Dario Amodei's call to "slow down AI globally"
Anthropic's Amodei issued a call to "slow down AI globally," and to everyone's surprise, rivals Musk and Altman both publicly endorsed the initiative. The three industry giants unanimously agreed to grant third-party access to "employee-level" evaluation rights and to implement coordinated deceleration measures. Altman went further, announcing that OpenAI will not IPO this year. The resignation of a researcher and a collective breakout of uncontrollable AI systems have ignited long-standing industry fears.
Bitcoin vs Ethereum ETFs: Which asset is winning September’s flow battle?
Crypto prices
More
