Miners are now holding — I was thinking about what this means for the market based on what I see. I looked at chain data, and the miner position index is now negative — around -0.83. This means miners are not sending their Bitcoin to exchanges to sell, but rather holding onto it. This significantly reduces selling pressure.

Historically, when this index has gone above 2, miners have always aggressively sold on exchanges, causing the price to drop. This pattern has been highly consistent. But now, it’s different — the index is lower and stable, indicating that miners have decided to hold during this period.

Bitcoin is now trading near $78.14K. Since that big crash in February, it has recovered from below $60K and is now making higher lows. There is resistance at $75K, but momentum is improving — the 50-day moving average has turned upward. If it breaks $75K , it could head toward $80K .

The main point: the historic selling pressure from miners is now absent. It’s not a guarantee it will go higher, but it removes the most obvious historic reason for a decline. If the index returns to 2, that would be a warning — signaling that miner distribution may resume.