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Bitcoin MPI Spikes Up Suggesting Miners May Be Dumping

Keshav Verma
by Keshav Verma
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin MPI has spiked up recently, suggesting that miners may have started to dump the crypto.

Bitcoin Miners’ Position Index (MPI) Has Sharply Risen Recently

As pointed out by an analyst in a CryptoQuant post, some data suggests BTC miners may have began to dump the coin following recent rally.

The “Miners’ Position Index” (or the MPI in brief) is an indicator that measures the ratio of the Bitcoin miner outflows and the 365-day moving average of the same.

The “miner outflows” is a metric that tells us the total amount of coins that miners are transferring out of their wallets right now.

When the value of the MPI is high, it means miners are sending out more coins than usual. This trend can be bearish for the price of Bitcoin as it may be a sign of dumping.

On the other hand, the indicator’s value being low can be bullish for the coin’s price as it may imply that miners are selling lesser than usual at the moment.

Related Reading | Bitcoin Developers Score Victory Against Craig Wright, Court Dismisses Legal Case

Now, here is a chart that shows the trend in the BTC MPI over the past year:

Bitcoin Miners' Position Index (MPI)

The indicator's value seems to have spiked up recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin MPI has shot up in value in recent weeks. This could mean that miners have ramped up selling recently.

The quant has also included other indicators in the chart, the first of which is the miner to exchange flow, which tells us how much of the miner outflows are going to centralized exchanges.

Related Reading | $450 Million In Crypto Futures Liquidates As Market Surges

Since this metric hasn’t spiked up, it could mean that miners are selling through OTC deals right now. Another indicator on the chart is the miner inflow, which measures the amount of coins moving into miner wallets.

Interestingly, this metric had a larger spike than the outflows, which implies that any selling some miners may have done should be more than made up for through the buying by other miners.

The whole picture would suggest that the current trend should have a rather neutral impact on the price of Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $47.9k, up 12% in the last seven days. Over the past thirty days, the crypto has gained 27% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the price of Bitcoin has surged up over the past couple of days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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