Analysis: Bitcoin Miner Behavior Shows Market Bottom Not Yet Confirmed; Selling Pressure Eases but Caution Persists

According to an analysis by CryptoQuant, a comprehensive review of multiple miner indicators shows that Bitcoin miners have not yet exhibited behaviors characteristic of "confirming a market bottom," and are currently in a phase of waiting and cautious adjustment. Meanwhile, the Miner Position Index (MPI) remains in negative territory, indicating that current selling intensity is below historical averages. Miners are not in a panic-selling phase but are engaging in "passive selling" primarily to maintain cash flow. This suggests that the probability of extreme short-term declines is relatively limited. Additionally, the Puell Multiple remains below 1, further indicating that miner revenues are at historically weak levels and overall profitability is under pressure, but the strong accumulation behavior typically seen at cyclical bottoms has not yet emerged.

The analysis suggests that miners are currently in a "waiting phase." They are neither capitulating with large-scale sell-offs nor actively accumulating coins, which resembles a typical transitional state before a market bottom forms. Overall, although selling pressure from miners has eased, on-chain data still indicates short-term supply pressure. Bitcoin is expected to continue its range-bound consolidation, and market sentiment is likely to remain cautious in the near term.