Analysis from CryptoQuant reveals a shift in behavior among Bitcoin miners as they gradually move from aggressive accumulation to more moderate profit-taking, suggesting a healthy market trend rather than weakness. The firm’s Miners’ Position Index (MPI) hit its highest point since 2025, climbing to -0.12 on October 17th. While still negative, this upward trend signals a significant change in miner behavior as Bitcoin hovers above $110,000. Instead of selling their holdings aggressively, miners are taking advantage of the uptrend by selling modestly to cover operational costs and realize profits. This pattern is typical in robust market uptrends. The controlled liquidity being introduced helps stabilize the price without triggering a sharp drop. 2 5 2 CryptoQuant highlighted that as long as the MPI stays below zero, miner activity will not threaten the market’s bullish structure. Instead, this ongoing moderation supports a more sustainable rally, balancing supply with renewed investor demand. A new report from Glassnode and Arab Chain indicates Bitcoin’s tight supply conditions. The normalization of miner activity aligns with a wider narrative of orderly market growth. This shift doesn’t signal exhaustion; it reflects measured optimism. Miners, long-term holders, and institutions are all adjusting to a higher trading range as they anticipate potential new highs in Q4 2025.