Bitcoin Miner Selling Pressure Nears Its End — Supply Contraction Signals the Next Uptrend Phase via @cryptoquant_com　(Report-#265) According to WuBlockchain, publicly listed Bitcoin miners sold over 32,000 BTC in Q1 2026, marking the largest quarterly outflow on record. This reflects a structural shift rather than panic selling. Following the 2024 halving, block rewards dropped from 6.25 to 3.125 BTC, while hash rate continued to rise, compressing profitability. With hash price below breakeven levels, many miners were forced to prioritize cash flow over accumulation. In addition, capital is being reallocated toward AI and HPC infrastructure, accelerating strategic BTC sales. On-chain data confirms this structural supply. Miner reserves have declined steadily, and net position change has remained negative, indicating continuous distribution. However, the key insight lies in the current flow dynamics. Recent charts show MPI staying in negative territory and Miner Selling Power sharply declining. This suggests that while miners have been consistent sellers, the actual selling pressure is now weakening. This creates a two-layer structure: structural selling in the past, but diminishing pressure in the present. Despite price consolidation, miners are no longer increasing sales, signaling that forced supply may have already been absorbed. Bitcoin cycles typically move from supply expansion to supply exhaustion, followed by demand-driven growth. The market now appears to be transitioning into this second phase. As a result, future price direction will likely depend less on miner behavior and more on demand drivers such as ETF inflows, institutional participation, and macro conditions. Bitcoin is entering a phase where supply constraints are easing, and capital flows will determine the next move. https://t.co/6rYUo1jWmQ—-Supply-Contraction-Signals-the-Next-Uptrend-Phase