According to yesterday’s measure, Bitcoin miners have been selling Bitcoin at an unprecedented level for 3 years.
The MPI index, developed by data provider CryptoQuant, hit a 3-year high. The index score is obtained by dividing the amount of Bitcoin coming out of the miner’s wallets by the 1-year average of that number.
The price was at $ 18,500, while the EBA index was at 8,647. Values above 2 indicate that miners sell the most.
“Miners seem to be selling Bitcoin to the OTC market or exchanges, ” CryptoQuant said after the index hit a 3-year high.” Quoth
CryptoQuant CEO Ki Young Ju said: “miners are selling a lot of Bitcoin today. I’m still optimistic, but that’s not a good signal in the short term. “I said.
Some Twitter users suggested those sales were made to organisations such as Grayscale and PayPal. The amount of Bitcoin under the management of Grayscale, where institutional investors prefer to invest in Bitcoin, has increased dramatically recently. Last week, Grayscale’s bitcoin fund entered 13,155 BTC. The amount of Bitcoin produced during the same period was about 6,300.
PayPal, on the other hand, is also known to buy Bitcoin to meet demand from its users. The payments giant will also make it possible to pay with Bitcoin to 28 million merchants integrated with PayPal from next year. PayPal is in intensive preparation in this direction and is collecting Bitcoin is also among the incoming information.
The largest cryptocurrency by market capitalization has experienced a strong rise since March. December March saw strong sales in all the world markets traded at $ 3,700 bitcoin, up 450 percent from that day until the beginning of December.