• Bitcoin saw withdrawals from trading platforms, a sign of rising adoption and steady demand.
• The long-term MVRV ratio and its moving average crossover were worth keeping an eye on.

Bitcoin [BTC] was hardly perturbed by the increased selling from miners as it set a new all-time high. Despite the steady demand, its multi-year MVRV trend could serve as an early warning for BTC holders.

In a post on X, crypto analyst Axel Adler Jr observed that Bitcoin miners had stepped up their sales to exchanges.

The Miner exchange netflow had been at a rough average of 25 BTC a day throughout 2025, until very recently.

The price reached a new all-time high, and the miner flow to exchanges doubled to 50 BTC a day. The netflow metric has reached historical highs of 100 BTC or more a day.

While such extremes were not within reach now, there was a marked acceleration in selling from miners.

The exchange reserves continued to fall, and the miner inflows did not dent the outflows. This suggested that the miner supply being sold was comfortably absorbed by the robust demand for Bitcoin.

In another post on X (formerly Twitter), the analyst noted that the amount of Bitcoin held in over-the-counter (OTC) trading platforms has been declining since 2021.

Right now, the OTCs hold only one-fourth of the Bitcoin they had back in September 2021.

The steady rate of withdrawal might slow down and reverse during or after a cycle top, giving OTCs a chance to reload during the bear market.

CryptoQuant analyst Burak Kesmeci remarked in a post on CryptoQuant Insights that the MVRV ratio had crossed above its 365-day moving average.

If the weekly close holds, a strong uptrend is likely in the coming weeks. Historically, this crossover has been followed by swift price rallies.

Yet, the MVRV ratio was in a multi-year downtrend. The rising market cap and adoption meant explosive MVRV moves were less likely. Hence, when the MVRV gets close to 2.7-3, holders might want to exit the market.