Bitcoin Miners Show Signs Of Dumping, Bad For Rally?

Bitcoin Miners Show Signs Of Dumping, Bad For Rally?

On-chain data shows Bitcoin miners could be dumping right now, a sign that could provide an impedance to the rally.

Bitcoin Miners’ Position Index Has Shot Up Recently

As pointed out by an analyst in a CryptoQuant post, miners may be putting selling pressure on the market currently. The relevant indicator here is the “Miners’ Position Index” (MPI), which measures the ratio between the miner outflows and the 365-day moving average of the same.

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The “miner outflows” refer to the total amount of Bitcoin that all these chain validators are transferring out of their wallets at the moment. Usually, miners withdraw coins from their reserves with the main purpose of selling them. Thus, a high value of the outflows can suggest that this cohort is

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