Recent on-chain data shows that Bitcoin miners’ selling pressure may be approaching exhaustion, which could pave the way for the market’s next bullish phase. This development comes amid a resilient bullish performance for the leading cryptocurrency in April.
Decreased mining selling weakens pressure on Bitcoin
Recently Quick postAnalysts at XWIN Research Japan posit that Bitcoin is now entering a phase of demand-driven price expansion as the market structure begins to experience supply exhaustion. According to market experts, data from WuBlockchain shows that publicly listed Bitcoin miners offloaded more than 32,000 BTC in the first quarter of 2026, in the largest quarterly inflow ever, in line with the structural alignment of the market.
Contributing factors to this sell-off can be traced back to the Bitcoin halving in 2024, when block rewards were reduced from 6.25 BTC to 3.125 BTC, resulting in revenues falling significantly. At the same time, the network hash rate continued to rise, putting further pressure on profitability. As the retail price fell below break-even levels, many miners were forced to liquidate their holdings to maintain cash flow. In addition, some miners are shifting resources toward artificial intelligence and high-performance computing (HPC) infrastructure, accelerating Bitcoin distribution.
Notably, XWIN Research experts noted that on-chain metrics also reinforce this narrative, as miners’ reserves gradually declined, while the net change in position remained negative. This combination ensures a sustainable distribution over time. However, the most important signal lies in the recent flow dynamics. While the Miner Position Index (MPI) remains negative, the selling power of miners has declined sharply, indicating that although miners are constantly offloading their holdings, the selling intensity is now weakening, that is, the market is no longer facing forced oversupply.
According to analysts at XWIN Research Japan, this evolving structure creates a two-stage dynamic. On the one hand, there has been a sustained period of structural selling driven by falling rewards and rising costs. On the other hand, current data indicate that this phase may be coming to an end. Notably, Bitcoin cycles historically progress from supply expansion to supply exhaustion before moving to demand-driven growth. Therefore, as miner-driven supply constraints ease, future price direction is likely to depend more on demand-side catalysts, including ETF flows, institutional participation, and broader macroeconomic conditions.
Bitcoin price overview
At press time, Bitcoin is trading at $77,169, up 2.69% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview
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