Historical Supply Drop in Bitcoin: Miners and Whales are Selling

Recent fluctuations in the Bitcoin market have generated significant curiosity among investors. Especially the movement of Bitcoin prices within a specific range has led market participants to ask where the selling pressure is coming from.

On-chain data clearly reveals the selling interactions between Bitcoin miners and large-scale investors, known as whales. These two groups are developing strategies to take advantage of selling opportunities as prices rise. Thus, despite a decrease in supply on the exchange, the effect on prices continues.

The Miner Position Index (MPI) data indicates that Bitcoin miners have shown a more subdued selling trend following a distribution period, while net outflows still demonstrate significant outflows. These outflows indicate that miners are transferring their Bitcoin assets to exchanges to cover operational costs and realize their profits.

Additionally, with Bitcoin prices consolidating around the $88,700 level, the whale ratio data shows that large players remain active. The increase in whale transfers to exchanges indicates that these major players are taking selling positions during each attempt to rise. This situation confirms that the general weakness in the market stems not only from small investors but also from strategic moves by large players.

As a result, a significant decrease in exchange reserves, falling to about 2.735 million, is due to investors pulling their assets into personal wallets and spot Bitcoin ETF accumulations. However, while the tightening of liquidity on exchanges and the decrease in supply support long-term bullish expectations, short-term whale sales continue to balance the situation.

The contraction of spot supply on exchanges creates a tight structure in the market, while miners and opportunistic whales counter every rally with sales, making it difficult for Bitcoin prices to gain upward momentum. It is vital for investors to closely monitor whale assets entering exchanges and miner movements.