Bitcoin Miners Show Cautious Behavior Amid Market Uncertainty

Bitcoin miners are exhibiting cautious behavior, according to CryptoQuant analysts. The analysis indicates that miners have not yet shown signs of confirming a market bottom and are currently in a phase of observation and cautious adjustment. According to Odaily, the Miner Position Index (MPI) remains in negative territory, suggesting that the current selling pressure is below the historical average. This indicates that miners are not engaging in panic selling but are instead focusing on maintaining cash flow through passive selling, which reduces the likelihood of extreme short-term declines. Additionally, the Puell Multiple is still below 1, further indicating that miner revenue is at historically weak levels, putting pressure on overall profitability. However, there is no evidence of strong accumulation behavior typically associated with a cycle bottom. The analysis suggests that miners are in a 'waiting phase,' neither engaging in capitulation selling nor entering an active accumulation cycle, resembling a transitional state before a market bottom forms. While miner selling pressure has eased, on-chain structures still indicate short-term supply pressure, and Bitcoin is expected to continue its range-bound pattern. Market sentiment remains cautious in the short term.