Bitcoin Miner Selling Pressure Eases as Position Index Drops to -1.3
Bitcoin Miner Selling Pressure Eases as Position Index Drops to -1.3
🔄 Miners stop selling
The Miner Position Index has fallen to -1.3, signaling reduced selling pressure from miners. This marks a significant shift from February when the index spiked to +3, coinciding with Bitcoin's drop from $95,000 to $65,000.
Key Points:
- Miners were major sellers at February's price highs
- The negative reading suggests miners are now holding rather than selling
- This removes one of the most consistent sources of supply pressure on Bitcoin
The shift comes after miner reserves dropped to historic lows of around 1.801 million BTC, with profitability hitting all-time lows in early February. The easing of miner selling could reduce downward pressure on Bitcoin prices going forward.
When the Miner Position Index spiked to +3 in February, $BTC dropped from $95,000 to $65,000. It now reads -1.3. Miners were the supply at the highs. The most consistent source of supply pressure is abating.
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