Recent on-chain metrics suggest that Bitcoin miners' selling pressure is weakening, indicating a potential shift in the cryptocurrency's market dynamics.
The data shows that publicly listed Bitcoin miners offloaded over 32,000 BTC in Q1 2026, marking the largest quarterly outflow ever. This significant reduction in mining activity has contributed to supply exhaustion, paving the way for demand-driven growth.
XWIN Research Japan analysts point out that the Miner Position Index (MPI) remains negative, but the Miner Selling Power has dropped sharply, indicating a decline in miner-driven selling intensity. This evolving structure creates a two-phase dynamic, where the market is transitioning from supply expansion to supply exhaustion before transitioning to demand-driven growth.