Bitcoin is showing signs of a major supply-side reset, with BTC miners under mounting financial pressure and veteran investors moving decade-old coins.
Meanwhile, on-chain data suggests the market continues absorbing heavy selling without a major price breakdown. At press time, Bitcoin is trading at $63,964, up 1.78% over the past 24 hours.
BTC Miner Stress Hits Post-Halving Extremes
According to CryptoQuant author CryptoOnchain, Bitcoin is undergoing a “supply-side restructuring” as pressure builds on the network’s key participants.
He said miner shutdowns surged 2,150% above the 90-day baseline over the past week. This massive increase implies worsening mining economics following the halving. As profitability declined, miner-to-Binance transfers jumped more than 470%, suggesting miners are selling more Bitcoin to cover operating costs.
The report also noted persistent negative miner netflows. This suggests miners continue to liquidate reserves as less efficient operations shut down.
CryptoOnchain described the trend as a typical post-halving adjustment. Lower block rewards force weaker miners out of the market, while larger and more efficient operators continue.
Veteran Bitcoin Investors Begin Moving Old Coins
Meanwhile, the supply shift is not limited to miners.
CryptoOnchain reported that the movement of Bitcoin held for seven to 10 years surged 374%. Coin Days Destroyed (CDD) also rose sharply, indicating long-term holders from previous market cycles have started moving dormant coins.
However, the analyst said this does not necessarily point to panic selling. Instead, it shows “organic distribution,” as veteran investors use Bitcoin’s prolonged $62,000 to $64,000 trading range to secure liquidity amid macroeconomic uncertainty.
Even with miners selling and long-term holders distributing coins—two forces that have historically pressured prices—Bitcoin has remained relatively stable. That suggests steady demand is absorbing the additional supply.
According to CryptoOnchain, similar conditions have historically appeared during the final stages of post-halving consolidations before the next market expansion.
Loss-making Supply Overtakes Profitable Supply
The broader on-chain picture supports that view.
Recent Glassnode data shows that Bitcoin’s supply held at a loss has exceeded supply held in profit for the first time in the current market cycle.
At the same time, long-term holders now own a record 14.85 million BTC, showing they continue to accumulate despite about 10.8 million BTC still being underwater.
In the past, similar periods—such as after the FTX collapse in 2022—have happened near major market bottoms. Those phases were followed by months of price stability before the market recovered.
Together, these trends suggest Bitcoin is going through a shift in ownership rather than a panic sell-off. While some miners and investors are selling, long-term buyers continue to absorb that supply, even as the price remains stuck in a range.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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