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▲ Bitcoin (BTC)/ChatGPT generated image
The Bitcoin (BTC) market is seeing miners in the final stages of offloading their holdings. Coupled with aggressive accumulation by long-term holders, the market has entered a calm before the storm, poised for an unprecedented surge.
Crypto media outlet NewsBTC reported on May 22 (local time) that the miner reserves of Binance Pool, a key player in the global crypto mining market, subtly decreased from 41,987 BTC to 41,915 BTC in May. This is a microscopic signal indicating that the selling pressure from miners has not completely ended. Crypto analysts unanimously agree that since Binance Pool commands an overwhelming share of global hashrate, its actions serve as a leading indicator, foreshadowing future market trends. Currently, the Miner Position Index (MPI) remains well below past panic sell levels, and the Puell Multiple, which compares miners' short-term profitability to their long-term average, is still below 1. Experts diagnose this as a typical "wait phase" that has consistently appeared without exception at market bottoms in the past.
Conversely, long-term investors are absorbing the entire selling volume, creating a supply shortage. According to data from crypto data analytics platform CryptoQuant, over 70% of the total circulating Bitcoin supply is now held by long-term holders who have not disposed of their assets for at least a year. The amount they hold has surpassed the 15 million BTC barrier again for the first time since October 2025. Chart analyst CryptoZeno analyzed that the indicator for addresses holding Bitcoin for over a year has perfectly entered an oversold accumulation zone, which was only observed just before past historical bull runs. Indeed, similar figures were precisely captured before major upward rallies in 2013, 2016, 2019, and late 2022. As long-term whales stop selling and take control, the circulating supply in the market is being compressed to its limit, and historically, betting on a decline during such periods has been the worst choice.
Technical indicators also flashed a fourth and decisive bullish signal in history. After Bitcoin's weekly Relative Strength Index (RSI) successfully retested the critical 50-line this week, crypto analyst Sykodelic declared a strong bull market reversal. This reclamation of the weekly RSI 50-line comes exactly 105 days after Bitcoin entered the oversold zone, an extremely rare moment that has occurred only four times in Bitcoin's history. Past records show that three out of these four instances led directly to long-term explosive rallies. The only exception was in 2022, when an unprecedented external shock, the FTX bankruptcy, caused a temporary recovery followed by a plunge to new lows; at that time, the weekly RSI ultimately failed to recover the 50-line, but this time it has firmly settled, marking a crucial difference.
Accordingly, market experts analyze that the probability of Bitcoin falling below $60,000 is virtually zero. The combination of miners' wait-and-see stance observed at historical bottoms, unprecedented accumulation by long-term holders, and strong technical indicators turning bullish for the first time since February, has shifted market sentiment unanimously upwards. Optimism dominates the market, suggesting that if the crypto market can avoid sudden external shocks like major exchange bankruptcies as seen in 2022, the accumulated supply squeeze effect will lead to an explosive upward rally beyond imagination.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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