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After Bitcoin jumped above $93000, miners sold some coins

After Bitcoin jumped above $93000, miners sold some coins

HappyCoinNewsHappyCoinNews2024/11/15 13:11
By:HappyCoinNews

According to CryptoQuant, on Wednesday, when Bitcoin rose to a new all-time high of around $93,500, with some major miners taking advantage of the opportunity to profit by selling some of their holdings.

Some major Bitcoin miners have reduced their holdings as the price has reached new all-time highs. The volume of sales is still small, about 2000 bitcoins over the past week, but it is important to continue monitoring the situation, analysts at CryptoQuant noted.

During the US presidential election, the Miner Position Index (MPI) rose from around 0,89 to the current 3,56, before falling back to 1,81. The MPI is the ratio of total miner outflows to the annual moving average of total miner outflows in US dollars. A higher MPI value indicates that miners are sending more coins to exchanges than usual, indicating possible selling.

The Bitcoin Miner Position Index (MPI) has risen following the US presidential election. Image: CryptoQuant

Despite the sales by miners, CryptoQuant analysts claim that Bitcoin still not overrated:

At current price levels, valuation metrics such as market value to realized value (MVRV) ratios do not indicate that Bitcoin is overvalued, suggesting that it could soon reach the $100,000 mark.

Analysts are also seeing signs of growing demand as more investors enter the market. Investor interest in the U.S. has increased significantly since the presidential election, as evidenced by the premium for Bitcoin on Coinbase.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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