A negative MPI indicates that the selling pressure is controllable; the bottom still needs to be refined.

CryptoQuant data shows that Bitcoin miner reserves have decreased to approximately 41,915 BTC, with supply still flowing in, and the Miner Position Index (MPI) at around -0.26, indicating that suppressive selling has not led to panic selling. Analyst PelinayPA pointed out that moderate supply pressure makes Bitcoin more likely to consolidate in the short term rather than rebound quickly, and the true market bottom still requires time to confirm. Investors should remain cautious of ongoing volatility.