Bitcoin Miners Flip the Script: Why They’re Accumulating Instead of Selling This Cycle
CryptoQuant has flagged a significant change in Bitcoin miners’ methods, with implications that might reshape investor expectations for the present cycle.
In earlier situations, the Miners’ Position Index (MPI) has spiked in two key situations: earlier than halvings, when miners strategically promote half of their reserves, and through the last phases of bull markets, after they offload aggressively into surging retail demand.
This cycle, nonetheless, reveals a divergence.
Miners Are Holding Like Never Before
While restricted pre-halving promoting is obvious, the hallmark late-stage capitulation has not materialized. The newest report shared by CryptoQuant said that components comparable to US spot Bitcoin ETF approvals and the rising pattern of sovereign entities adopting BTC as a reserve asset are encouraging miners to prioritize long-term accumulation over short-term liquidity.
At the similar time, Bitcoin’s mining problem has reached file highs, as its trajectory entered the so-called “Banana Zone” of steep will increase. This factors to increasing miner participation and elevated competitors.
Transaction charges additionally present a vital sign. In prior cycles, charge spikes in greenback phrases sometimes coincided with overheated markets and preceded downturns. However, this time, at the same time as charges surged, Bitcoin’s worth has superior in a measured stair-step trend and has prevented the fast peaks and subsequent crashes of earlier cycles.
All in all, these on-chain alerts point out a structural change in miner conduct. Rather than dashing to promote into market power, miners seem like aligning with institutional buyers and nation-states in adopting an accumulation-focused technique.
For buyers, the mixture of high problem, surge in charges, and muted MPI implies that Bitcoin’s bullish momentum is being supported by a extra sturdy basis than in earlier cycles, boosting a medium- to long-term optimistic outlook.
Signs of Strength
Alphractal founder and crypto analyst Joao Wedson highlighted BTC’s blended efficiency tendencies in his newest tweet. He discovered that whereas the asset’s total efficiency as much as September 2025 trails behind most of its historic years, it nonetheless outpaces the vital weak cycles of 2014, 2018, and 2022.
Focusing particularly on September, Wedson identified that Bitcoin is performing higher than its historic common this month, and ranks behind solely 2012, 2015, 2016, and 2022, which may imply that September is probably not as bearish as anticipated.
Another crypto analyst described Bitcoin’s present chart formation as the “inverse head and shoulders of goals,” and claimed that the double sample signifies the begin of a supercycle. According to the analyst, this setup makes a $150,000 BTC worth goal appear inevitable fairly than speculative regardless of the present wrestle.
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