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Bitcoin has retreated over 10% from its recent all-time high of $124,128, but on-chain data reveals a significant shift in miner behavior. Miners are showing signs of long-term accumulation rather than typical bull market selling. This structural change, coupled with record ETF inflows and global adoption, suggests potential for another major rally.
- Miners' Position Index shows absence of typical late bull market sell-offs, indicating structural shift toward long-term holding
- Spot Bitcoin ETFs hold $144.3 billion (6.5% of market cap), reducing selling pressure and influencing holder behavior
- Bitcoin mining difficulty reaches new ATH with 'banana zone' growth pattern, reflecting increased network participation and security
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