Are miners starting to capitulate? BTC reserves continue to decline, and a truly dangerous signal has emerged

Many retail investors are still studying "K-line support levels," but those who truly understand are already watching miner wallets.
Because miners are the most honest people in the crypto world.
Latest data shows: Bitcoin miner reserves are continuously decreasing.
Translate:
Miners are starting to sell coins.
Why is this dangerous?
Because miners are not ordinary players; they are the "producers of BTC." Even producers are beginning to reduce their inventories, indicating that short-term market profits are no longer attractive.
Especially after the halving, miner pressure has skyrocketed:
Electricity costs rise;
Hash rate surges;
BTC still hasn't broken through.
So many mining farms are in an awkward situation:
"Can't keep going without selling, but afraid of missing out if they sell."
This is also why recent BTC movements are increasingly resembling a "constipation market."
Unable to go up,
But can't be pushed down either.
Meanwhile, whales are starting to transfer funds frequently. Galaxy Digital suddenly moved 500 BTC, tightening market nerves once again.
The funniest part is:
Retail investors are guessing every day "When will the big players pump the market";
Big players are studying every day "When will retail investors give up."
Because the real big trend often emerges at market emotional lows.
Currently, BTC is very contradictory:
Macro risks are high;
ETF funds are strong;
Miners are selling;
Institutions are still accumulating.
This has led the market into a "stalemate."
And the true determinant of direction is likely not the crypto circle itself, but global liquidity.
If the Federal Reserve shifts to easing, BTC could surge again;
If Middle East tensions worsen, risk assets will be suppressed across the board.
In one sentence:
This is not a technical bull market,
But a "macro bull market."
Whoever understands the dollar can understand BTC.
And the signals miners are sending now are actually very clear:
They are starting to become less optimistic.
#沃什宣誓就任美联储主席