Bitfinex report: Miner selling pressure has eased, BTC is expected to rise further in the medium term

According to the latest report from Bitfinex, with Bitcoin recently hitting a new all-time high of over $104,000, the market continues to see strong momentum. While a deeper correction is still possible in the first quarter of 2025, the general tightening of supply and bullish sentiment among miners suggest that Bitcoin is expected to rise further in the medium term. The liquidity inventory ratio, which tracks how long existing supply can meet demand, has fallen from 41 months in October to just 6.6 months, indicating that available Bitcoin liquidity is tightening rapidly, especially during the strong rebound in the first and fourth quarters of 2024. Bitcoin miners are historically important sellers during halving periods, but they have also slowed the flow of BTC to exchanges since April 2024. As miners operate without realizing high profits and hold BTC instead of selling, miner-to-exchange flows are at their lowest level in years. The overall selling pressure from miners, long-term holders, and other groups has eased significantly, and the reduction in supply entering the market has mitigated the impact of the recent adjustment.