Bitcoin Miner Selling Pressure May Be Nearing Exhaustion, Market Could Enter New Demand-Driven Phase
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Summary
BroadChain learned that at 22:16 on April 18, according to Bitcoinist, recent on-chain data indicates that the selling pressure from Bitcoin miners may be nearing exhaustion, which could lay the foundation for the next market uptrend. Analysts from XWIN Research Japan pointed out that as the market structure begins to experience supply exhaustion, Bitcoin is entering a demand-driven price expansion phase. Data shows that listed mining companies sold over 32,000 BTC in Q1 2026, setting a record for the largest quarterly outflow in history, which aligns with a structural market adjustment. This selling wave can be traced back to the Bitcoin halving event in 2024, where the block reward was reduced from 6.25 BTC to
BroadChain has learned that at 22:16 on April 18, according to Bitcoinist, recent on-chain data indicates that the selling pressure from Bitcoin miners may be nearing exhaustion, potentially laying the groundwork for the next upward phase of the market. Analysts from XWIN Research Japan pointed out that as the market structure begins to experience supply depletion, Bitcoin is entering a demand-driven price expansion phase. Data shows that listed mining companies sold over 32,000 BTC in the first quarter of 2026, setting a record for the largest quarterly outflow in history, which aligns with a structural market adjustment. This selling wave can be traced back to the Bitcoin halving event in 2024, where block rewards were reduced from 6.25 BTC to 3.125 BTC, significantly cutting miner revenues, while the continuous rise in network hash rate further squeezed profit margins. As the hash price fell below the break-even point, many miners were forced to liquidate their holdings to maintain cash flow, while some resources shifted toward AI and high-performance computing infrastructure, accelerating Bitcoin circulation. On-chain indicators reinforce this narrative, with miner reserves consistently declining and net position changes remaining negative. However, a key signal lies in recent flow dynamics: although the miner position index remains negative, miners' selling capacity has sharply decreased, indicating that selling intensity is weakening and the market is no longer facing continuously increasing forced supply pressure. Analysts believe this evolving structure creates a two-phase dynamic: on one hand, structural selling driven by reduced rewards and rising costs has persisted for some time; on the other hand, current data suggests this phase may be nearing completion. Historically, Bitcoin cycles typically transition from supply expansion to supply depletion, then shift toward demand-driven growth. Therefore, as miner-driven supply constraints ease, future price direction may rely more on demand-side catalysts, including ETF inflows, institutional participation, and broader macroeconomic conditions. As of press time, Bitcoin is trading at $77,169, up 2.69% in the past 24 hours.