Miners Dump Double the Bitcoin Post-ATH—Here’s Who Gobbled It Up

Bitcoin miners just flooded the market with twice their usual sales after BTC hit its all-time high. Panic move? Maybe. But someone’s buying—and it ain’t the weak hands.

Who’s absorbing the sell pressure? Institutional sharks, as usual. While retail traders hyperventilate over pullbacks, Wall Street’s quietly stacking sats—because nothing screams ‘contrarian play’ like buying when miners capitulate.

Bonus cynicism: Meanwhile, your bank’s still offering 0.5% APY on savings accounts. Priorities, people.

Source: Axel Adler on X

In a post on X, crypto analyst Axel Adler Jr observed that Bitcoin miners had stepped up their sales to exchanges.

The Miner exchange netflow had been at a rough average of 25 BTC a day throughout 2025, until very recently.

The price reached a new all-time high, and the miner FLOW to exchanges doubled to 50 BTC a day. The netflow metric has reached historical highs of 100 BTC or more a day.

While such extremes were not within reach now, there was a marked acceleration in selling from miners.

The exchange reserves continued to fall, and the miner inflows did not dent the outflows. This suggested that the miner supply being sold was comfortably absorbed by the robust demand for Bitcoin.

Source: Axel Adler on X

In another post on X (formerly Twitter), the analyst noted that the amount of bitcoin held in over-the-counter (OTC) trading platforms has been declining since 2021.

Right now, the OTCs hold only one-fourth of the Bitcoin they had back in September 2021.

The steady rate of withdrawal might slow down and reverse during or after a cycle top, giving OTCs a chance to reload during the bear market.

Bitcoin is set to see a strong uptrend soon

Source: CryptoQuant

CryptoQuant analyst Burak Kesmeci remarked in a post on CryptoQuant Insights that the MVRV ratio had crossed above its 365-day moving average.

If the weekly close holds, a strong uptrend is likely in the coming weeks. Historically, this crossover has been followed by swift price rallies.

Yet, the MVRV ratio was in a multi-year downtrend. The rising market cap and adoption meant explosive MVRV moves were less likely. Hence, when the MVRV gets close to 2.7-3, holders might want to exit the market.