Bitcoin Sell Pressure Eases as Whale Flows Decline and Miner Sales Remain Elevated

The Bitcoin market has seen a shift in dynamics as whale flows decline and miner sales remain elevated, leading to a decrease in sell pressure on the cryptocurrency.

According to CryptoQuant data, the 30-day whale inflow on Binance has dropped to $3.6 billion, significantly less than the all-time high of $8.95 billion recorded on February 20. This decline suggests that whales are no longer contributing to the sell-side pressure on Bitcoin.

Meanwhile, miners continue to provide supply pressure, with a recent transfer of $2.48 billion worth of Bitcoin to exchanges on March 16. This was the largest single-day miner outflow during the current bear cycle, indicating ongoing distributions rather than singular selling events.