caueconomy
The miners position index has alarmed but may not be bearish.
From yesterday to today, CryptoQuant itself reported the change in the position of miners through the Miner Position Index that tracks the outflows of these entities looking for moments of coin distribution. Two things need to be further explored in this event before any FUD is generated: 1st: The miners' position relative to the rest of the market entities is quite small when compared to previous halvings. 2nd: The MPI uses the outflows of miners as a reference but disregards the inflow. And in this case, despite the outflow of about 4780 BTCs, there was also a simultaneous inflow of 6140 BTCs where it did not happen on exchanges and the total reserves increased almost 5%. Therefore, we can conclude that an OTC trade may have taken place, but little relevant in weight and most of the outflow returned to the miner's wallet, showing that it is also possible to be a reflushing. These entities may already be positioning themselves, but they are not yet distributing.