CryptoQuant data on January 20 shows an unusually sharp spike in Bitcoin miners’ outflow, an unexpected development considering the solid performance of BTC prices in the past few trading days.
Miners’ Position Index (MPI) Rising
The Miners’ Position Index (MPI) is up from -0.85 registered on December 31, 2022, to +3.25 on January 19, 2023. The expansion could indicate that miners are moving their coins, at a faster pace, to centralized exchanges.
The MPI is a moving ratio between the total miner outflows to the total one-year moving average of the total miner outflows. All denominations are in USD.
Per CryptoQuant’s interpretation, the higher the MPI ratio, the higher the odds that miners are sending mined coins to centralized exchanges, heightening the risks of
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!