The cryptocurrency market is abuzz with excitement as on-chain data suggests that Bitcoin miners' selling pressure has finally subsided. This development could signal a potential recovery in the market. According to CryptoQuant, a leading on-chain analytics firm, miners' Bitcoin selling has decreased significantly since May this year. This decline in selling pressure could pave the way for a bullish momentum in the market.

The data reveals that miners' OTC Bitcoin selling has taken a substantial dip, indicating a possible end to the miner capitulation phase. This phase saw miners selling their Bitcoin holdings to cover operational costs, leading to a surge in selling pressure. However, with the decline in selling pressure, the market is poised for a potential rebound.

The Bitcoin price has responded positively to this development, trading at $61,357.47 with a 0.96% increase in value. This price surge comes on the back of three consecutive days of inflows in BTC ETFs. While the derivatives volume spiked 9.32% to $42.48 billion, the BTC Futures OI dipped 1.56% to $31.56 billion, indicating some volatility in the market.

The on-chain data suggests that the market has absorbed the selling pressure from miners, paving the way for a potential price rebound. With the Bitcoin options expiry set to take place, the market is brimming with optimism for an upside momentum ahead. However, it's important to note that the U.S. and German governments have recently offloaded significant amounts of Bitcoin, adding a layer of intrigue to the future price action.

In conclusion, the decline in Bitcoin miners' selling pressure could signal a potential recovery in the market. With on-chain data pointing to a decrease in selling pressure, the market is poised for a bullish momentum. As the market continues to evolve, it remains to be seen whether this optimism will translate into a sustained price rebound. One thing is certain, however - the end of miner capitulation is a positive sign for the cryptocurrency market.