Onchain Analysis Bitcoin Retail Activity Surge M

Onchain Analysis

Bitcoin Retail Activity Surge

Moving on to on-chain metrics, the Miners Position Index has spiked recently, indicating a notable rise in miner outflows to exchanges. Historically, this level marks increased selling activity from miners, often aligning with local tops or periods of cooling in the market. The timing of this spike, right as BTC tapped $123K, is not coincidental. Miners tend to offload during periods of price strength to maximize profits and fund their operations.

This kind of on-chain behavior often precedes either a local top or a sideways grind while the market absorbs this supply. It doesn’t necessarily mean a macro reversal is coming, but it does raise short-term caution, especially when paired with overheated funding and slowing spot momentum.