PelinayPA
Bitcoin Miners Do Not Believe the Market Is at a Bottom Yet
When the three metrics on the chart are evaluated together, miners do not appear to be in aggressive selling mode, but they are still acting cautiously and remain psychologically undecided. The recent decline in Binance Pool Miner Reserve data is especially important. It shows that miners within Binance Pool continue reducing their reserves. Since Binance Pool represents a major share of the global hash rate, its behavior often reflects overall miner psychology before the broader market reacts. Falling reserves usually indicate that operational selling pressure is still continuing. However, the MPI remaining in negative territory shows miners are not selling aggressively compared to historical averages. In other words, they are not in panic selling mode. Instead, selling activity appears to be more necessity based. This suggests that the risk of a sharp market dump remains relatively low for now. The Puell Multiple also supports this view. Remaining below the 1 level indicates that miner revenues are still historically weak and under pressure. Technically, this means miners are still operating under stress. At the same time, they are not aggressively accumulating because Bitcoin has not yet shown a strong bullish breakout. Miners currently seem to be in a wait phase. This type of behavior is often seen near market bottom formations. That suggests miners still do not believe Bitcoin has fully entered a true bottom zone yet. From a price perspective, the current structure shows that short term pressure has not completely disappeared. The decline in reserves still implies BTC supply entering the market. However, the weak MPI suggests these sales are not large enough to trigger a collapse. For this reason, the chart points to continued sideways consolidation for a while longer. Bitcoin investors are likely to remain cautious in the near term.