CryptoQuant latest data shows that Bitcoin miner reserves continue to decline to about 41,915 BTC, supply is still flowing into the market, but the Miner Position Index (MPI) is at a weak level (around -0.26), indicating limited selling pressure from miners and no signs of panic selling.

Analyst PelinayPA pointed out that the current moderate supply pressure suggests that Bitcoin is likely to remain in a sideways consolidation in the short term rather than a quick rebound. The cautious attitude of miners implies that the true market bottom may still require more time to confirm, and investors should be alert to the ongoing volatility.