CryptoQuant's latest data shows that Bitcoin miner reserves continue to decline to approximately 41,915 BTC, with supply still flowing into the market, but the Miner Position Index (MPI) remains 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 sideways in the short term rather than experience 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 ongoing volatility.