COINDREAM2026-11-05

Bitcoin: Miner and Whale Indicators Surge—Early Signs of a New Rally?

1. Miner Outflow Intensity Eases After a Sharp Spike MPI recently climbed to approximately 2.9 before retreating to around 0.2 at the chart’s latest observation. This suggests that unusually elevated miner outflow activity has subsided. If this normalization continues alongside a price recovery, it could support an early easing of potential supply pressure. However, transfers from miner wallets do not establish that coins were sold or that selling has finished. 2. Binance Whale Concentration Rises—Supply Absorption Is the Key Binance’s Exchange Whale Ratio has approached 1.0, exceeding the roughly 0.85–0.87 peaks visible in February–March. This indicates that the ten largest inflow transactions account for nearly all exchange inflows. The ratio can also rise when total inflows decline, so it does not establish whale accumulation or an increase in deposit volume. A bullish interpretation would strengthen if substantial deposits were absorbed by spot buying while Bitcoin continued to form higher lows. 3. Historical Recoveries Offer a Precedent, but Price Confirmation Remains Necessary In the supplied chart, the late-August MPI spike coincided with a rebound, followed by a move toward approximately $86,000 in September. February’s MPI spike, however, occurred during a sharp selloff. The historical outcomes were mixed. Bitcoin’s latest chart price is approximately $80,300, still below the September–October highs of $86,000–$87,000. Continued MPI normalization, absorption of large deposits, and a recovery above those highs supported by spot volume would strengthen the case that a new rally is beginning.