60K BTC Absorbed But Miners Sell: Can BTC's Rally Continue?

Bitcoin's early January rally is facing conflicting on-chain signals: strong accumulation demand versus renewed miner selling. Accumulator addresses increased holdings by approximately 60,000 BTC in the first six days of January, marking a significant shift after months of consolidation and suggesting long-term holders are absorbing supply near the $90,000 level. Conversely, miners moved about 33,000 BTC to exchanges like Binance, indicating they are de-risking after the price advance. The sustainability of the rally hinges on whether this spot demand can consistently absorb the supply coming from miners. Market sentiment indicators, such as Binance's seven-day net taker flow shifting to mild net buying and the Bitcoin Unified Sentiment Index returning to neutral, suggest the rally is not yet overheating, but continued accumulation is necessary to offset miner distribution.

(Source：Cointelegraph)