As Bitcoin (BTC) experiences a decline of over 10% from its recent all-time high (ATH) of $124,128 recorded on Binance in August 2025, fresh on-chain data indicates that the cryptocurrency may be gearing up for its next bullish wave, with miners showing a structural shift in behavior towards accumulation rather than selling.
Key Highlights
- Bitcoin miners exhibit a different trend in their holding behavior.
- The Miners’ Position Index (MPI) indicates reduced selling activity among miners.
- The approval of Bitcoin spot ETFs may have influenced miners' holding strategies.
- Mining difficulty has reached an all-time high, reflecting increased network participation.
- Market sentiment on Bitcoin's future remains divided.
In-Depth Analysis
According to CryptoQuant's analyst Avocado_onchain, recent on-chain data suggests a structural shift in Bitcoin miners’ behavior. Historically, the Miners’ Position Index (MPI) sharply increases in two scenarios: before a halving when miners strategically sell their holdings, and in the late stages of a bull market when they offload their assets to retail investors. However, the current market cycle is notably lacking in the latter scenario of sell-offs. This shift could be attributed to two major factors: firstly, the successful launch of Bitcoin spot ETFs, with total net assets in these ETFs currently standing at $144.3 billion, representing 6.5% of Bitcoin's market cap. Secondly, the rapid adoption of Bitcoin as a strategic reserve asset by major economies worldwide may be encouraging miners to focus on long-term holdings.Additionally, mining difficulty has reached a new all-time high, indicating increased network security and engagement. All these factors point towards a bullish outlook among miners regarding future price increases.
Market Impact
The accumulation behavior of miners may bolster confidence in the market, especially with Bitcoin currently priced at $114,139, reflecting a 1.5% increase in the past 24 hours. However, opinions on Bitcoin's future remain divided. Some analysts, like Daan Crypto, suggest BTC may fall below $100,000, while others remain optimistic, forecasting potential new highs in the bull cycle. Fundstrat's Tom Lee predicts Bitcoin could surge to $200,000 by the end of 2025.Investment Advice
For those looking to invest in Bitcoin, consider trading on Binance. By registering through Binance registration link or directly entering the code YAOQING88888, you can enjoy the industry's highest 20% fee rebate and other exclusive bonuses to maximize your investment returns.Additionally, upon registration, receive a coupon worth up to $100 and a chance to share in a $450,000 prize pool!