Record Sales From Bitcoin (BTC) Miners! Does It Affect The Price?
coinputin.com – Bitcoin (BTC) miners are selling more BTC than they have in 3 years, according to CryptoQuant data.
A metric developed by cryptoquant has reached a 3-year high. According to a metric called Bitcoin Miners Position (MPI), miners sell large amounts of BTC. CryptoQuant made the following statement on the subject:
“The BTC MPI index has hit its highest level in three years. Apparently miners are selling BTC to the OTC market or exchanges.”
Will it affect Bitcoin Price?
The MPI index is obtained by dividing the BTC by the 1-year moving average of the amount of BTC coming out of the wallets of all miners. CryptoQuant CEO Ki Young Ju said::
“Obviously, miners are selling a lot of BTC today. But that’s not a good signal in the short term.”
According to JU’s statements, MPI has jumped three times and reached local heights in the 2017 bull run. Ju explained that he thought BTC might have a pullback but eventually the price would rise.
If you remember, as we reported earlier, in recent weeks, CryptoQyant CEO Ju alerted Bitcoin investors and announced that a big dump could come in BTC. According to him, a battle would take place between the Big Bitcoin whales and retail investors. Ju said all Exchanges Inflow mean was still high and Bitcoin could fall.