Bitcoin (BTC) price rebounded about 1.6% over 24 hours to near $63,100, yet the move that matters sits beneath.
After six weeks of selling, Bitcoin miners have flipped to net accumulation just as price carved a cycle low, an on-chain shift that echoes the last major turn. Exclusive BeInCrypto data threads three signals into one picture.
Bitcoin Miners Flip to Accumulation After Six Weeks of Selling
Since June 5, Bitcoin miners have posted three consecutive days of positive net position change, a metric that tracks whether miners add to or draw down their holdings.
The shift breaks a stretch of red that ran from April 23 through June 4, one of the longer miner capitulation phases of the year.
The timing stands out. The flip to green arrives just after the price breached its sub-$60,000 low, the same pattern seen at the previous turn.
A local bottom near $64,088 in late February closed the prior capitulation, after which miner flows turned positive in early March and coincided with the Bitcoin price recovery.
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Miners hold structural insight into network economics, so a move back to accumulation after heavy selling is worth watching. Whether it repeats the March sequence depends on what the next signal shows about network demand.
Network Revenue Hit Its 2026 High as Miners Turned
The accumulation shift lines up with a quiet recovery in network demand, per BeInCrypto’s exclusive Dune dashboard. Bitcoin network revenue, the total transaction fees miners earn, climbed to 89 BTC in May, the strongest monthly reading of 2026.
That figure tops February’s 80 BTC, March’s 79, and April’s 74, marking a clear pickup in fee income just as miners stopped selling. Stronger fee revenue eases the operational pressure that forces miners to liquidate, which helps explain why their net position turned.
June’s reading sits at 26 BTC. Yet, that figure covers only the first eight days and remains incomplete, so it cannot be read as a drop.
Yet, the BTC trend still looks positive, which explains why the miners’ net position change has turned up.
Note: When network revenue rises, miners earn more from fees, so they feel less need to sell their Bitcoin to cover costs, which is why their net position can flip from selling to accumulating.
The relevant point is the May surge, the best fee month since the start of the year, landing alongside the miner flip. Two signals now point the same way. The third tests whether leverage could undo them.
Open Interest Stays Low, Easing the Long-Flush Risk
The final signal sits in derivatives, where the setup looks calmer than it did before last week’s crash. Total open interest dropped from about $31.26 billion in late May to near $22.31 billion, after touching $21.09 billion.
That matters because the current funding rate of 0.005%, which reflects what traders pay to hold long positions, sits just below the 0.006% reading from early June that preceded the price crash.
The difference is open interest. Leverage stood far higher on June 1, so the same lean toward longs carries less risk of a cascading long flush now.
That leverage cooling coincides with the Bitcoin miner pickup.
However, there are some warning signs. Funding turning positive again shows buyers leaning long, and sellers have reappeared as new whales realize losses.
For now, watch whether miner accumulation holds, whether fee revenue builds in June, and whether open interest stays contained. Those three, not price alone, will show if the on-chain turn has staying power.
