**Title: Bitcoin Miners Hold Steady Amid Price Drop, Easing Sell Pressure**
The Miner Position Index (MPI) has dipped to -0.027, indicating a decrease in selling activity, while transfers to exchanges have plummeted from 21,000 BTC to just 3,300 BTC. The Puell Multiple remains at 1.1, suggesting that miners currently perceive prices as less than ideal for significant Bitcoin sales. This week, Bitcoin (BTC) experienced a 7.58% decline, reaching a four-month low of $79,060 before finding some stability around $79,526. Despite this downturn, blockchain data reveals that miners have not intensified their BTC sales, choosing instead to hold onto reserves accumulated since December 2024. According to analytics from ETHNews and CryptoQuant, miner reserves—BTC stored in mining wallets—have remained consistent throughout this price drop.
The MPI, which gauges selling activity against historical norms, has fallen to -0.027, reflecting a reduced urgency to sell. In the same vein, miner-to-exchange transfers have decreased significantly, aligning with Bitcoin’s sharp losses, dropping from 21,000 BTC to 3,300 BTC over just four days. The Puell Multiple, which measures mining revenue against annual averages, is currently at 1.1, indicating that miners are not inclined to sell in large quantities at these price levels. This behavior contrasts with previous cycles, where miners typically sold off reserves during price peaks to fund their operations or secure profits.
Analysts at ETHNews suggest that this cautious approach from miners could alleviate some of the downward pressure on Bitcoin’s price, potentially aiding in its recovery. However, for BTC to establish a more sustained rebound, it will need to reclaim the $86,000 mark. Short-term support is identified around $76,800, a level that was last tested in October 2024.
While the discipline exhibited by miners provides a glimmer of stability, the broader market sentiment continues to be a significant driving force. Their collective decision to hold onto reserves—a rare display of patience—adds a layer of resilience to Bitcoin’s otherwise shaky price narrative.
Currently, Bitcoin is trading at $82,888 USD, reflecting a slight decrease of 0.77% in the past 24 hours. Over the last week, the price has dropped by 13.64%, and in the past month, it has fallen by 18.23%. Despite these recent declines, Bitcoin has seen a year-over-year increase of 32.60%. The cryptocurrency reached a peak of $109,356 USD on January 20, 2025, but has since experienced a notable decline of over 26%, bringing it to its current price. This market sell-off has been driven by negative sentiment and a broader market correction.
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