Bitcoin Miners Warn No Bottom Yet, CryptoQuant Says—What On-Chain Metrics Reveal

Bitcoin (BTC) is trapped in its new consolidation band, holding between about $76,000 and $78,500. That range has now become the market’s near-term battlefield, with BTC roughly 38% below its all-time highs. 

While this sideways action may appear stable, a new CryptoQuant report argues that miners themselves don’t yet believe the market has fully reached a bottom.

No Panic, Still Cautious

The report points to a key indicator: the decline in Binance Pool Miner Reserve data. Since Binance Pool accounts for a large portion of the global hash rate, its behavior is often treated as a useful proxy for broader miner sentiment. 

In this case, falling reserves suggest that Bitcoin miners within the pool are continuing to trim what they hold in reserve. Typically, reserve reduction can reflect ongoing operational selling pressure, meaning miners are still supplying BTC to the market rather than stepping back completely.

At the same time, the report adds an important nuance through another metric: the Miners’ Position Index (MPI) staying in negative territory. That detail matters because it implies miners are not selling aggressively in a way that resembles historical panic behavior. 

In other words, the Bitcoin selling activity they’re showing appears more tied to necessity than to a full-scale rush to get out. CryptoQuant frames this as a reason the risk of an abrupt, catastrophic price dump remains relatively low for now.

The Puell Multiple is also cited as supporting the same overall interpretation. CryptoQuant notes that the Puell Multiple remaining below 1 indicates miner revenues are still weak and under pressure compared with historical baselines. 

Practically, that means miners are operating in a stressed environment, but they are not necessarily accumulating aggressively because Bitcoin still hasn’t delivered the kind of bullish breakout that would typically encourage stronger positioning. 

Instead, miners look like they’re in a wait-and-watch mode. CryptoQuant says this kind of behavior is often observed near bottom formations, even if it doesn’t confirm one has fully formed yet.

Bitcoin Price Outlook ‘Mixed’