Bitcoin is seeing a significant shift in supply dynamics as long-term holders aggressively accumulate while miner selling pressure recedes. Data shows demand from accumulator addresses surged 48.5% in the past week, with holdings rising to approximately 205,000 BTC. Meanwhile, the Miners’ Position Index has fallen to its lowest level since 2024, indicating a sharp reduction in coins entering circulation from miners.
Demand from long-term Bitcoin holders increased by 48.5% over the past seven days. This rise coincided with a sharp decline in Bitcoin miners’ selling activity, as the Miners’ Position Index dropped to levels last seen in 2024.
CryptoQuant data shows that demand from accumulator addresses lifted holdings to roughly 205,000 BTC. The increase follows a drawdown from a March peak near 210,000 BTC, marking a renewed phase of demand.
The BTC accumulation increased during the recent price decline. This indicates an active absorption of available supply by long-term participants.
At the same time, Bitcoin miners’ behavior has shifted. Analyst Nino highlighted that the Miners’ Position Index 30-day moving average has dropped to -1.042.
MPI measures the ratio of total miner outflow to its one-year average. Lower values imply reduced selling relative to historical norms, 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.
The short-term positioning on exchanges exhibits a different pattern. Binance’s seven-day net taker flow slipped to negative $1.2 billion, aligning with recent downside pressure.
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 in mid-March.
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.
