BTC Accumulators Scoop 67K BTC as Miner Selling Hits Lows

• Demand for Bitcoin from long-term holders has surged by 48.5% over the last week as accumulation addresses absorbed significant supply.
• Accumulation address holdings reached approximately 205,000 BTC by March 30, rising from 138,000 BTC just seven days prior.
• The Miners’ Position Index (MPI) has dropped to a 2024 low of -1.042, signaling a sharp decline in selling pressure from Bitcoin miners.

Long-Term Holders Intensify Accumulation

Recent on-chain data indicates a strong shift toward accumulation among Bitcoin’s most committed participants. The volume of Bitcoin held in accumulation addresses saw an inflow of roughly 67,000 BTC within a single week. This movement pushed total holdings for these addresses to 205,000 BTC on March 30, a significant recovery from the 138,000 BTC recorded on March 23.

This trend suggests that long-term investors are actively buying during price pullbacks. Despite a slight dip from the peak demand levels seen earlier in March near 210,000 BTC, the current growth rate of 48.5% reflects a renewed appetite for the asset.

Miners Scale Back Selling Activity

Parallel to the increase in holder demand, Bitcoin miners have significantly reduced their market activity. Crypto analyst Nino noted that the 30-day moving average of the Miners’ Position Index (MPI) has fallen to -1.042. This metric, which compares current miner outflows to their one-year average, has reached levels not seen since the beginning of 2024.

A lower MPI indicates that fewer coins are being moved out of miner wallets for potential sale compared to historical norms. This reduction in sell-side pressure from miners provides a favorable backdrop for the market, as fewer newly minted coins are entering circulation to compete with buyer demand.

Sentiment and Exchange Dynamics

While long-term accumulation is rising, the derivatives and exchange markets show signs of short-term volatility. Data from Binance reveals that the seven-day net taker flow turned negative on Monday, reaching -$1.2 billion. This contrasts sharply with the $3.28 billion in positive flow recorded on March 15, highlighting a pivot toward aggressive selling in the derivatives sector.

Market sentiment has also cooled according to the Bitcoin Unified Sentiment Index:

• Current Sentiment Index: -62.9%
• Previous Sentiment (March 15): -2.42%

A reading below zero typically indicates a period of sell-side dominance. However, as the index begins to move back toward neutral territory, the market appears to be stabilizing within a broad range between $60,000 and $75,000. The interaction between massive long-term accumulation and immediate exchange liquidity remains the primary driver of current price action.