Key Takeaways 

Why did Bitcoin’s Scarcity Index rise?

Large buyers accumulated Bitcoin on Binance, while the Miners’ Position Index fell 44%. This meant that miners had reduced outflows and that ultimately meant having lowered selling pressure.

What risks could limit the rally?

The NVT Ratio jumped 29% to 50.5, hinting at stretched valuations. Despite $28.5 million in exchange outflows, rising NVT warns network activity may not justify higher prices.

Bitcoin [BTC] Scarcity Index on Binance surged in mid-September, its first spike since June, signaling tighter supply as large buyers accumulated.

This spike often highlights aggressive whale activity, either through reduced sell orders or massive withdrawals from the exchange.

Historically, such movements preceded sharp rallies, though sustainability depended on continued inflows. 

The current spike raises questions about whether Bitcoin can maintain upward traction, especially as past ones led to both rapid gains and equally sharp pullbacks.

Are miners signaling confidence?

The Miners’ Position Index (MPI) dropped by more than 44% in the past 24 hours, reflecting a sharp reduction in miner outflows. 

Contextually speaking, this suggests miners are increasingly holding Bitcoin rather than sending it to exchanges — and that is a trend often associated with confidence in future price appreciation.

However, miners’ restraint alone does not guarantee a price rally, as broader liquidity and valuation metrics must align.