Long-term Bitcoin Holders Increase Accumulation Amid Miner Sell-off
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A Senior Altcoin Analyst, Sarah combines on-chain data with a background in venture capital research. With a Master’s in Computer Science, she provides precise evaluations…
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Recent analysis reveals that Bitcoin accumulation addresses have absorbed over 67,000 BTC, while Bitcoin miners’ selling activities have notably decreased, reaching the lowest levels since 2024.
In the past week, long-term holders of Bitcoin have ramped up their accumulation by nearly 48.5%. This surge in demand for Bitcoin corresponds with a significant reduction in the selling pressure exerted by miners, as shown by the Miners’ Position Index (MPI), which has dropped to levels reminiscent of early 2024.
The data indicates a period where long-term investors are actively acquiring Bitcoin, while miner sales are dwindling.
According to CryptoQuant, the amount held in accumulation addresses rose from approximately 138,000 BTC on March 23 to nearly 205,000 BTC by March 30. This increase follows a recent peak of about 210,000 BTC, suggesting renewed interest among long-term investors after a slight dip.
Amid a recent decline in Bitcoin price, accumulation patterns reveal that long-term holders are strategically absorbing available coins. Conversely, miners’ behavior has undergone a shift. An analyst noted that the MPI’s 30-day moving average has fallen to -1.042, a figure not seen since the 2024 lows, which indicates less Bitcoin is being sold relative to historical trends.
The decline in miner outflows suggests fewer coins are entering circulation, effectively alleviating immediate sell-side pressure while enhancing the position of long-term holders.
However, the situation appears different on exchanges. The net taker flow on Binance dipped to a negative $1.2 billion, signaling an increase in aggressive sell pressure in the derivatives market, contrasting with a positive flow of $3.28 billion observed earlier in March.
The sentiment surrounding Bitcoin also reflects this shift. The Bitcoin Unified Sentiment Index has dropped to -62.9%, a stark contrast to the near-neutral reading of -2.42 from March 15. Such a reading indicates a solid sell-side dominance in recent sessions.
Despite visible selling pressure on exchanges, the sentiment index showing a potential return towards neutral territory suggests a stabilizing trend. This may indicate that fear is subsiding while market conviction remains limited, with current activity closely tied to liquidity variations around the Bitcoin price range of $75,000 to $60,000.
Overall, the rise in Bitcoin holdings among accumulation addresses alongside diminishing miner sales paints a complex yet interesting picture of the current market landscape, hinting at the ongoing strategic maneuvers by long-term investors as they navigate the evolving dynamics of Bitcoin trading.
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