Bitcoin is showing early signs of recovery as on-chain data points to calmer miner activity and stable long-term investor behaviour. While the price remains below recent highs, key indicators suggest that selling pressure from both miners and long-term holders has eased compared to earlier in the year.
Miner selling pressure appears to be cooling
Data from Binance Pool shows that miner netflows have become more balanced after sharp spikes in February and March 2026, when Bitcoin fell from around $90,000 to near $60,000. Those earlier spikes pointed to heavy miner movement toward exchanges, often linked to selling pressure during the downturn.
More recently, that pattern has weakened. Netflows are no longer showing the same aggressive inflows, suggesting miners are not rushing to sell their holdings. Since Binance Pool is one of the largest mining pools, its activity is often used as a signal for broader miner behavior. The current trend points to a more stable environment compared to the previous crash period.
Long-term holders are not selling aggressively
The Value Days Destroyed Multiple (VDDM) indicator, which tracks movement in long-held coins, remains around 0.4 and stays in the lower range. In past cycles, sharp increases in this metric have appeared near major market tops when long-term holders begin taking profits.
This suggests that long-term holders are still largely holding their positions rather than exiting the market. While this reduces immediate selling pressure, it also shows that strong new demand has not fully returned yet.
Market structure looks stable but still weak on demand
Taken together, lower miner selling and steady long-term holder behavior suggest that Bitcoin is not currently facing strong distribution pressure. This creates conditions that often resemble early recovery or accumulation phases.
However, price strength remains limited. The lack of strong buying demand means the market is still fragile in the short term. For a clearer recovery trend to form, fresh demand will need to enter the market more consistently. For now, Bitcoin sits in a cautious position as selling pressure is weaker, but buying strength is still not strong enough to confirm a full recovery.
Meanwhile, Bitcoin traded just below $77,000 during Asian hours on Wednesday, showing limited movement amid rising geopolitical tensions over the Strait of Hormuz. The world’s largest cryptocurrency edged up 0.1% over 24 hours but remained down 0.8% on the week, reflecting a cautious market tone
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