Crypto News – On January 17, more than 10,000 Bitcoin were sold by miners in a single day. It marks the biggest daily decrease in miner reserves in more than a year.
Bitcoin Miners Selling Mode: 450 Million BTC Dump in 24 Hours
The on-chain analytics company CryptoQuant reports that on January 17, there was a 10,233 BTC decrease in Bitcoin miner reserves. At current prices, this is almost $450 million.
The miners move into a selling phase when prices and profitability rise, as they have in recent months. In the past, miners have sold coins to increase cash flow or profit from rising prices during a rally. In recent days, the price of Bitcoin has fluctuated between $42,000 and $43,000.
MPI Starts to Rise
Although the total amount of reserves has been largely steady since early 2021, BTC miner reserves have decreased by 22,800 BTC during the last 12 months. According to CryptoQuant, on January 15, the Bitcoin Miners’ Position Index (MPI) began to rise, suggesting that a potential sale might be approaching. The MPI is calculated by dividing the total miner outflow by the moving average of that outflow over a one-year period.
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