Bitcoin Miners Shift to Accumulation Amid Declining Prices

Bitcoin (BTC) has decreased over 10% from its all-time high of $124,128 in August 2025. Recent on-chain data indicates a potential bullish trend, driven by changes in miner behavior.

Miner Behavior and Market Trends

Recent analysis suggests a structural shift among Bitcoin miners.
The Miners’ Position Index (MPI) shows miners are selling less than usual, indicating lower selling pressure.
Historically, high MPI correlates with pre-halving sell-offs or late bull market dumps, but current trends differ.
Possible reasons for reduced sell-offs include:
- Success of spot Bitcoin ETFs, with total assets at $144.3 billion, accounting for 6.5% of BTC's market cap.
- Increased adoption of BTC as a strategic reserve asset by major economies.
Bitcoin mining difficulty has reached an all-time high, reflecting increased network participation and security.

Analyst Opinions

Some analysts predict BTC may drop below $100,000.
Others forecast potential gains, with estimates suggesting BTC could rise to $200,000 by the end of 2025.
Currently, BTC trades at $114,139, up 1.5% in the past 24 hours.