CryptoOnchain2025-12-29

Miners’ Selling Pressure Evaporates: MPI Hits Lowest Level Since Oct 2024

The Bitcoin Miners’ Position Index (MPI), specifically its 14-day Exponential Moving Average (EMA), has dropped sharply to -0.90, marking the lowest level observed since October 2024. This extreme reading signals a notable shift in miner behavior. On-Chain Analysis Dormant Selling Activity A deeply negative MPI indicates that miner outflows to exchanges are far below their rolling yearly average. In simple terms, Bitcoin transfers from miner wallets to exchanges have nearly dried up. Resilience Amid Market Correction Despite Bitcoin trading around $87,300, significantly down from recent highs near $125,000, miners are showing no signs of capitulation. Rather than selling into the correction, they appear to be adopting a strong holding strategy. Potential Floor Signal Historically, extreme negative MPI values often coincide with local market bottoms. When miners—one of the primary sources of sell-side liquidity—reduce selling activity, it frequently suggests that selling pressure has been largely exhausted. Conclusion An MPI reading of -0.90 suggests that miners do not view current price levels as attractive for liquidation and are likely positioning for a future recovery. The lack of selling pressure from this group could contribute to price stabilization and support the formation of a solid market floor.