Key facts: Miner Sales and Negative Flows Weigh on BTC; Overhead Supply

[라온]

March: Marathon sold 15,133 BTC below cost, Riot moved 500 BTC to a sale address, Nakamoto sold 284 BTC — indicating notable miner and large-holder supply moves in BTCUSD.
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Net Bitcoin flows were negative ~63,000 BTC at March end, driven by retail selling that partially offset some institutional buying, signaling weaker demand and increased supply for BTC.
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Analysts outline two BTCUSD scenarios: a halving-driven cycle peaking around 2026 or later, and a macro-driven rally where improving liquidity and macro conditions could push prices higher sooner.
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BTCUSD saw heavy liquidations tied to a major tokenized Brent futures blowup: a $17.2M Brent position and about $46.6M total oil futures liquidated as Brent spiked above $106, pressuring BTC.
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Metaplanet Q1 2026: BTC yield 2.8%, BTC gain 876; crypto income ¥2,969M (~$18.6M) used to buy more BTC; target expansion toward 210,000 BTC.
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Bitcoin (BTCUSD) trades near a bear-flag structure, showing weak momentum and limited direction. Pattern remains intact, signaling risk of further downside if price breaks lower.
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Glassnode URPD shows large Bitcoin supply concentrated at realized prices above $80,000, signaling significant overhead supply and a potential resistance cluster for BTCUSD traders to watch.
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Bitcoin futures show persistent negative funding rates as shorts pay premium while spot holds steady; traders note squeeze risk if momentum turns.
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BTCUSD futures open interest dropped to about $46B from a $95B peak last year, signaling a major decline in bitcoin derivatives activity and market exposure.
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BTCUSD traders eye downside supports: 200-week EMA ~ $68,300, 200-week SMA ~ $59,400 and realized price ~ $54,000 as key technical support levels to watch.
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source: https://www.tradingview.com/news/tradingview:dfc4ef7714da7:0-key-facts-miner-sales-and-negative-flows-weigh-on-btc-overhead-supply/