Bitcoin Miners Shift Strategy: Accumulation Over Selling Signals Stronger Bull Cycle

Bitcoin (BTC) has declined more than 10% from its latest all-time high (ATH) of $124,128, recorded on Binance in August 2025. However, fresh on-chain data suggests that the cryptocurrency may be preparing for its next bullish wave, as miners are starting to show a structural shift in ￰0￱ Miners Shift Strategy – New High Ahead? According to a CryptoQuant Quicktake post by contributor Avocado_onchain, recent on-chain data hints at a structural shift in Bitcoin miner ￰1￱ the same time, various other metrics point toward increasing resilience in the Bitcoin ￰2￱ Reading: Bitcoin Sentiment On Binance Turns Bullish – But Is The Market Setting A Trap? The analyst brought attention to the Miners’ Position Index (MPI), a metric that has historically shown sharp increases in two scenarios – before a halving when miners strategically sell their holdings, and in late stages of a bull market when they dump their holdings on retail ￰3￱ the uninitiated, the MPI measures the ratio of Bitcoin miners’ outflows – coins sent to exchanges – relative to their one-year moving average.

A high MPI indicates that miners are selling more BTC than usual – signaling increased selling pressure – while a low MPI suggests miners are holding or accumulating. However, the current market cycle shows a different ￰4￱ some pre-halving selling was evident, the late bull market sell-offs have been noticeably ￰5￱ to Avocado_onchain, there could be two major reasons for the lack of sell-off. First, the approval and success of spot Bitcoin exchange-traded funds (ETFs) may have had some influence on ￰6￱ to data from SoSoValue, the total net assets tied in spot BTC ETFs currently stand at $144.3 billion – representing 6.5% of BTC’s total market ￰7￱ other potential reason for lukewarm sales of BTC at this stage of the market could be the digital asset’s rapidly rising adoption as a strategic reserve asset by major economies around the ￰8￱ a result, miners may be shifting from short-term gains to long-term ￰9￱ addition, Bitcoin mining difficulty also recently reached a new ATH, as its growth curve developed a so-called “banana zone” of sharp ￰10￱ surge in mining difficulty reflects rising participation in the Bitcoin network, in addition to strengthening its ￰11￱ On BTC Is Split While the miners appear to be holding BTC for the long haul, some analysts predict that the top cryptocurrency may not be out of the woods ￰12￱ analyst Daan Crypto remarked that BTC may be heading below $100,000.

Related Reading: Bitcoin Holds $112,000 Support As Binance Whale Activity Cools Off – What’s Ahead? That said, other analysts are more optimistic about BTC’s ￰13￱ a recent analysis, fellow CryptoQuant contributor CoinCare stated that BTC may have another major leg up in the bull cycle. Meanwhile, Fundstrat’s Tom Lee forecasted that BTC may surge to $200,000 by the end of ￰14￱ press time, BTC trades at $114,139, up 1.5% in the past 24 ￰15￱ image from Unsplash, charts from CryptoQuant and ￰16￱