Bitcoin miners spent the first half of November unloading coins into a falling market, but now it appears that they have quietly changed their course. On-chain data shows that miner wallets have shifted from net distribution back into net accumulation. This somehow suggests that forced selling has passed.
BTC has slid almost 30% from its October 7 peak of over $126K to roughly $90K. It turns out to be a pullback that normally pressures miners to raise cash. That’s exactly what happened in most of early November. Miners maintained an average 30-day net position of 843 BTC during the mid-October rally.
This miner balance swung to an average of negative 831 BTC between November 7 and 17. The massive net swing of 1,674 BTC. It depicts the adjustment miners tend to make when revenue falls and margins tighten.
Miner selling dries up
Data shows that over the last 30 days, miners sold BTC on only 11 days and accumulated on 19 days. The flow nearly cancelled out 6048 BTC sold against 6,467 BTC accumulated. The heaviest selling day from miners came on November 6. They offloaded 1,898 BTC at an average price of $102,600. This was the level where they could still book comfortable profits. Since then, selling has thinned majorly.
It added that over the last seven days, miners have added 777 BTC despite prices falling another 12% from a month earlier. Their 30-day net position has turned positive again at +419 BTC. This suggests that miners under the most pressure have already taken their pain. However, they have even trimmed the inventories to stabilize operations.
This action of miners matters because capitulation or lack of it often marks turning points in supply. When miners stop selling into weakness, the market is typically left with fewer natural sellers. This reduces the risk of further forced supply hitting the market.
Bitcoin slides under $90K again
Bitcoin still remains under pressure as its price briefly slipped under $90,000 this week before rebounding, only to roll over again. BTC price is down by 12% in the last 7 days. It is trading at an average price of $89,770 at the press time. Ether slid 13% to under $3,000 in the same period. XRP and Solana have also dipped by 12% in the last 7 days.
The cumulative crypto market cap is down by 3% over the last 24 hours. It stands at around $3.09 trillion. Sentiment is still dire as the Crypto Fear & Greed Index is stuck in Extreme Fear. Crypto ETF outflows have stretched into a fifth day while Bitcoin has now logged one of the steepest 40–50 day drawdowns since 2017. Data shows that Investors pulled out $523 million from BlackRock’s IBIT on Tuesday. This has been the fund’s largest single-day outflow since launch.
K33 Research’s Vetle Lunde, in a report, highlighted that Bitcoin has now dropped nearly 30% in 43 days. If the current slide shadows past cycle lows, then he believes a “reasonable” bottom may be hovering somewhere around the $84k-$86k zone. An increased selling pressure might lead BTC towards the April low near $74,000.
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