On-chain data from blockchain analytics firm CryptoQuant suggest that miners are currently holding on to their mined BTC, a sign that may indicate a continuing recovery for the Bitcoin price given a lack of selling pressure from big mining operations.
The Miners’ Position Index (MPI) provides insight into how miners shifting their BTC positions can impact the asset’s price action. An MPI reading above 2 suggests miners are selling their BTC after mining, while a negative value shows they’re avoiding selling as much as possible in favor of accumulation.