TLDR

The Miners’ Position Index (MPI) has dropped to -0.90, its lowest level since October 2024.
Miners are sending significantly fewer coins to exchanges, reducing sell-side liquidity.
Historically, these levels of inactivity coincide with the formation of local market bottoms.

Bitcoin has experienced a pullback, triggering a drastic shift in on-chain metrics. Data from CryptoQuant indicates that miner selling activity has undergone a significant reduction, reaching levels of inactivity not seen in over a year.

Currently, the Miners’ Position Index (MPI), which measures the ratio of BTC outflows to exchanges relative to its annual average, stands at approximately -0.90. This figure in the red is a clear signal that miners are transferring much less Bitcoin to trading platforms than usual.

In practical terms, one of the primary sources of sell-side pressure in the market has “dried up” almost completely. This suggests that the mining sector has adopted a holding stance, despite the asset trading well below its recent highs.

Impact on Liquidity and Price Projections

Although the pioneer cryptocurrency has corrected from the $125,000 zone toward levels near $87,300, miners have not entered a capitulation phase. On the contrary, the decline in the MPI suggests they do not view current prices as attractive for distributing their reserves.

This lack of miner selling activity is a crucial factor for market stability, as historical spikes in the MPI typically coincide with market tops and aggressive selling phases.

The absence of these massive transfers during the current correction reduces the risk of a freefall driven by miner outflows. If demand from institutional and retail investors remains stable or improves slightly, this restricted supply on exchanges could provide a solid base for the price.

In summary, while a negative MPI does not guarantee an immediate rebound, it does remove a significant weight from the valuation. If miner selling activity remains contained, the market will have a much clearer path to find a stabilization or recovery zone, provided that macroeconomic factors do not intensify demand-side pressure. For now, miners have decided to step back, waiting for better conditions to move their assets once again.

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Filed under: News - @ December 31, 2025 3:28 am