[뉴욕 = 장도선 특파원] As Bitcoin surpassed $93,000 and hit an all-time high, it was revealed that some large mining companies realized profits by selling some of their Bitcoin holdings.
According to The Block on the 14th (local time), CryptoQuant analysts said, “As the price of Bitcoin reached new highs, some large miners reduced their holdings to realize some profits,” and added, “The selling volume was about 2,000 BTC over the past week, which is still “Small but continuous observation is important,” he said.
According to CryptoQuant data, the Miner Position Index (MPI) rose from 0.89 during the US presidential election to 3.56, but has now retreated to 1.81. MPI is the ratio of the current outflow compared to the annual moving average of the total outflow of miners in US dollars. A higher index indicates that miners are sending more coins to the exchange than usual, which suggests a possible sell-off.
The bitcoin miners’ position index (MPI) has increased since the U.S. presidential election. Image: CryptoQuant.
Despite the recent selling by miners, CryptoQuant analysts point out that Bitcoin’s valuation indicators show that it is not yet overvalued. “At current price levels, valuation metrics such as the Market Value to Realized Value (MVRV) ratio indicate that Bitcoin is not yet overvalued, suggesting that Bitcoin is likely to target $100,000 in the near future,” the analyst said. They added:
Additionally, analysts highlighted that demand continues to signal increased growth as more investors enter the market. Interest from American investors has increased noticeably since the presidential election, which is confirmed by the Coinbase Bitcoin price premium turning positive again. “Demand from U.S. investors is increasing, as evidenced by the positive shift in Coinbase’s Bitcoin premium,” the analysts explained.
Liquidity in the cryptocurrency market is also improving thanks to the increase in stablecoin inflow. The market capitalization of Tether (USDT) has been steadily increasing, suggesting new capital inflows that can support the rise in cryptocurrency prices. Since the presidential election, $3.2 billion worth of USDT has flowed into exchanges, increasing market liquidity and contributing to Bitcoin’s positive price outlook, CryptoQuant analysts said.
At 10:30 a.m. on the 14th, New York time, Bitcoin was at $89,049 on CoinMarketCap, down 3.12% from 24 hours ago. Bitcoin set a new all-time high of $93,434.36 the previous day and retreated.
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