Bitcoin’s price has been under pressure since it clinched an all-time high of $123,731 on August 14. Currently trading at $113,167, the coin’s price has fallen roughly 10% in the past week.
The pullback has coincided with increased selling activity from miners, raising concerns about further downside in the near term.
BTC Miners Offload Holdings
According to Glassnode, Bitcoin’s Miner Net Position Change has dropped to its lowest level of the year.
The metric, which tracks the 30-day change in BTC held in miner addresses, fell to -5,066 on August 21, its lowest reading since December 2024, signaling a notable drawdown in miner reserves.
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When this metric dips, it signals heightened selling pressure from one of the market’s most influential groups, the miners. Persistent outflows from miner wallets can weigh on prices, especially as the market struggles to absorb this additional supply.
This may worsen BTC’s downward momentum and prolong the likelihood of any significant short-term corrections.
ETF Outflows Surge to $1.5 Billion
Besides miners, institutional investors gaining exposure to BTC through ETFs have also weighed on the market. According to SosoValue, weekly outflows from these funds have totaled $1.51 billion since Monday, putting them on track to record their largest weekly outflow since late February.
The decline in capital inflows from ETFs adds further headwinds for the asset. It can worsen the impact of miner sell-offs on the coin and stall any notable rebound in the near term.
BTC Faces $107,000 Downside Risk
At its current price, BTC hovers above the support formed at $111,961. If miner sell-offs continue and capital into BTC ETFs continues to reduce, the coin risks breaching this support flow and falling to $107,557.
However, an uptick in new demand for BTC would invalidate this bearish outlook. If accumulation resumes among traders and miners on the network, reducing their distribution, the king coin could regain strength and climb toward $115,892.
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