CryptoQuant data shows that the Miner Supply Ratio has kept falling since early 2025, indicating that miners are sending less BTC to Binance. That drop in miner distribution has not translated into price stability. Bitcoin first moved higher and then turned lower, showing that weaker miner selling alone is not enough to hold up the market.
Post-halving cost pressure is squeezing miners
Miners are dealing with several major expenses, including electricity, hardware, operating costs, and financing. After the halving, those economics became much tighter. According to the source, by 2026 operating costs for large, efficient miners are around $34,000 to $43,000, while the industry average is much higher at $75,000 to $87,000. For much of the sector, that leaves operations near break-even or already in loss-making territory.
Current market selling is coming from elsewhere
Miners are the only group that continuously brings newly issued BTC into the market, so reduced miner selling usually eases natural spot supply pressure and can tighten liquidity over short periods. Even so, the chart discussed in the article shows Bitcoin continuing to fall while the Miner Supply Ratio declines. That points away from miners as the main source of current market pressure.
The report instead links the weakness to spot investor activity, ETF flows, whale behavior, and broader macro risk factors. Miners may be selling less. Price is still falling.
Supply is weak, but demand remains the missing piece
The Miner Supply Ratio is now close to its lows, suggesting that miners are either unwilling to sell under current cost conditions or no longer able to sell much more. That reinforces the view that supply-side pressure has softened. Still, the market has not found support.
The article argues that Bitcoin needs demand to recover before a bottom can form. So far, there are no clear signs of fresh demand entering the market. Without that shift, the report says BTC still faces downside risk in the near term.