Bitcoin miners caused the most significant daily drop on January 17 in their reserves in a year, as they sold more than 10,000 bitcoins in a single day. According to CryptoQuant data, the sell-off indicates a decline of 10,233 BTC, equivalent to about $450 million.
On January 15, the Bitcoin Miners’ Position Index (MPI) began to rise, suggesting that miners might be getting ready to sell. The MPI is a measure of the ratio between the total number of Bitcoin miner’s outflows and the one-year average of this outflow.
Typically, miners alternate between accumulating and selling phases. A Bitfinex report from last year noted that miners started accumulating Bitcoin around mid-2023, when prices and profitability were lower.
The data also reveals that Bitcoin miner reserves are now at their lowest levels since July 2021, standing at 1.83 million coins. Despite this decrease, it still represents a substantial stash valued at approximately $78 billion.