Understanding the HODL Trend: Why Bitcoin (BTC) Miners are Holding onto Their Coins

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Amid a fall in their revenue, Bitcoin miners have refused to let go of their holdings.
Bitcoin’s miner revenue has fallen to its lowest in the last year.
This is due to the recent decline in network activity.

Bitcoin miners are holding onto their assets despite a significant drop in revenue, indicating a strong belief in the cryptocurrency’s future potential.

Bitcoin Miners Hold On Despite Revenue Drop

According to Bitcoin’s [BTC] Miner Position Index [MPI], the leading cryptocurrency is currently at its longest period of reduced miner sell pressure after a halving event. This information was found in a new report by pseudonymous CryptoQuant analyst Papi. The MPI measures the ratio of the coin’s total miner outflow in US dollars to its one-year moving average of total miner outflow, also valued in dollars. When it rises, it indicates that miners are selling more of their holdings. Conversely, when it declines, it suggests they are holding onto their assets or accumulating more.

Analysis of Bitcoin’s MPI and Puell Multiple

As per CryptoQuant data, BTC’s MPI was -0.23 as of this writing. After peaking at a year-to-date (YTD) high of 9.43 on the 8th of January, the metric has since declined by over 100%. In addition to a falling MPI, BTC’s Puell Multiple has also cratered, causing miner revenue to fall to its lowest level in a year. The Puell Multiple tracks miner profitability by measuring the daily issuance of new coins (block rewards) in relation to its 365-day moving average. When the metric’s value is high, it is interpreted to mean that miners are generating revenue in relation to the h... Read the full article for FREE at COINOTAG!