Bitcoin miner selling pressure has fallen to near a three-year low, with BTC inflows to exchanges dropping sharply. According to CryptoQuant contributor Darkfost, monthly average inflows from miners to Binance now stand at approximately 4,316 BTC, rising only slightly to 4,381 BTC across all exchanges.
The decline follows a temporary spike in early 2024 caused by severe winter weather in the U.S., which disrupted mining operations and forced some miners to sell BTC to cover fixed costs like energy and infrastructure. With those disruptions resolved, miners are offloading significantly less Bitcoin.
Darkfost described current inflow levels as "historically low," last seen on June 5, 2023. This reduction suggests miners are holding more BTC, easing structural sell-side pressure on the market.
However, risks remain. Miners still hold an estimated 1.8 million BTC in reserves-enough to impact markets if selling resumes. Meanwhile, Bitcoin trades at $68,553, just above the breakeven point for short-term holders.
Short-term holder dynamics show mixed signals. The 1-week to 1-month cohort has a cost basis of $68,200, currently flat. But longer-held groups face deeper unrealized losses, with the 1-month to 3-month cohort at $83,500 and the 3-month to 6-month group at $96,900-levels that have acted as resistance during recent rallies.