As the sale of BTC mining cools, Bitcoin stock rises to around $65,000
Interest from long-term holders of Bitcoin (BTC) has increased by 48.5% in the last seven days. This increase in reserves has been accompanied by a sharp decline in the sales activity of Bitcoin miners, which has reduced the position of miners to the level seen in 2024.
The development underscores the extent to which long-term participants are taking up Bitcoin, while those selling from miners are declining.
Bitcoin reserves expand when miners freeze
According to CryptoQuant data, demand for the stock addresses increased holdings to 205,000 BTC on March 30 from 138,000 BTC on March 23.
BTC stocks have increased during recent price declines, indicating active absorption of available supply.
At the same time, the behavior of Bitcoin miners has changed. Highlighting crypto analyst Nino's Mining Index (MPI), the 30-day moving average fell to -1.042, a level last seen at 2024 lows.
MPI measures the ratio of total mine output to a one-year average. Lower values indicate a decline in sales relative to historical norms. This implies that fewer coins are being pumped into circulation by miners, which immediately reduces sell-side pressure.
Rising stock balances and lower mining sales will reduce the amount of Bitcoin entering the market. This indicates a level where long-term holders are buying and miners are selling short.
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The demand for BTC exchange flows is decreasing
The short-term position on the exchanges shows a different pattern. Binance's seven-day net demand flow fell to negative $1.2 billion on Monday, which is consistent with recent negative pressure. In early March, the same measure recorded a positive inflow of $3.28 billion on March 15. The reverse indicates an increase in aggressive pressure on the derivatives markets.
The cognitive data reinforces this change. The Bitcoin Composite Sentiment Index sits below the -50 threshold at -62.9%, compared to a neutral reading of -2.42 on March 15. The indicator combines derivative position, volatility and noise signals to measure directional bias. A reading below zero indicates sustained sell-side dominance in recent sessions.
Even with the selling pressure seen on the trading exchanges, the sentiment index, which is moving back to neutral territory, shows a reversal from the previous extremes. Fears have eased as convictions on both sides are limited, and the move is tied to current cash flows of between $75,000 and $60,000.
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