Miners' Position Index (MPI) measures the ratio of total miner outflow in USD to its one-year moving average, quantifying whether miners are moving significantly more BTC than their historical baseline - and by extension, whether miner-driven sell pressure is elevated.
When MPI is high, miners are outflowing BTC at a rate well above their yearly average, historically a bearish signal. Because miners represent a consistent and structurally significant source of new BTC supply, coordinated or sustained selling above baseline levels can contribute directly to downward price pressure - particularly when multiple large miners act in the same window.
Conversely, a low MPI indicates miners are holding or outflowing below their historical average, reflecting accumulation behavior or confidence in higher future prices. MPI is most actionable when read in the context of broader miner reserve trends and prevailing market conditions rather than in isolation.
