Bitcoin is yet to show a decisive sign of a bullish recovery, with the crypto’s price falling to around $67,500 just two days after hitting a high of $72,000. The move underscores the market’s ongoing volatility and lack of clear direction.
The broader narrative now risks turning one-sided, with bears gradually gaining control as price action weakens. In fact, recent miner activity seemed to add weight to this outlook.
Miners’ position for potential sell-off
Miners have not begun selling, but press time data suggested they may be preparing to act soon. In fact, AMBCrypto previously reported that miners had shown no clear signs of distribution despite shifting market sentiment.
This assessment relied on indicators such as Miner Selling Power, which has exhibited signs of subdued distribution for months, alongside a declining miner supply ratio on Binance.
However, new data may now be alluding to a shift in positioning. While outright selling has not begun yet, miners appeared to be moving funds in preparation for a possible downside move at press time.
According to CryptoQuant’s Miner-to-Exchange Flow metric, which tracks the volume of Bitcoin [BTC] sent by miners to centralized exchanges, inflows reached a six-day high of 5,450 BTC on 26 March.
This represented approximately $373 million worth of Bitcoin transferred to exchanges. Rising exchange inflows often point to mounting sell pressure. While this did not quite confirm an imminent sell-off, it did imply that Bitcoin could face short-term downside risk.
Signs of structural weakness
Miners’ current “wait-and-see” approach indicates a willingness to exit positions if price falls below a certain risk threshold. While that level remains unclear, one conclusion stands out – Bitcoin has been showing signs of structural weakness.
CryptoQuant’s Daily Active Addresses metric, for instance, which tracks network usage through transaction activity, has fallen by 30% since its August peak. In fact, daily active addresses dropped from 938,609 on 8 August 2025 to 655,908 at press time.
This decline hinted at reduced network participation, a trend often associated with weakening market structure and sustained price downside.
If this trend persists, the $373 million worth of BTC now sitting on exchanges could amplify selling pressure during further price declines.
Key support level in focus
Despite rising exchange inflows and weakening on-chain activity, the technical structure still might offer a potential buffer. Especially since Bitcoin continues to react to an ascending support level that has triggered rallies on five separate occasions since 6 February 2026.
This level now serves as a critical determinant for the next market move. A confirmed break below the support, followed by sustained closes under it, would signal a transition into a bearish phase.
Conversely, if Bitcoin rebounds from this level as seen in previous instances, a short-term rally might be possible. Such a move could delay or reduce the likelihood of miner-driven sell pressure in the near term.
Final Summary
- Bitcoin miners transferred $373 million worth of BTC to exchanges amid rising on-chain weakness.
- Bitcoin’s next move now hinges on a key support level.
