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Intro to On-Chain
Background Knowledge
Exchange Flows/Indicators
Miner Flows/Indicators
UTXO Data/Indicators
Market Data/Indicators
Network Indicators
Stablecoin Exchange Flows/Indicators
Fund data & Premium
Miner Selling
Miners are OG whales. They periodically send a certain amount of BTC to exchanges, but if they decided to sell more coins, their outflow is likely to be changed significantly.
BTC: All Miners to All Exchanges Flows Transactions Count
This indicator helps to see how frequently all miners transfer Bitcoin to all exchanges. Miners periodically send a certain amount of Bitcoin to the exchange from their mining wallets. If they send Bitcoin to exchanges more frequently, the price will likely be bearish as they are selling bitcoin on the exchange, not through the OTC market.
BTC: All Miners' Outflows
This indicator is the total transferred amount from mining wallets that have received Bitcoin block reward. Miners periodically send Bitcoin to other wallets, but if the price is unusually high, they will sell bitcoin to the over-the-counter (OTC) market or exchanges. Significant miner outflow is a bearish signal.
BTC: Miners' Position Index (MPI; 30-day MA)
It is all miners' outflow divided by its one-year moving average. If miners withdraw an unusually large amount of Bitcoins compared to the past year, the MPI increases, and the Bitcoin price is likely to be bearish. If you draw lines when MPI is higher than 2.5, it often matches local and global highs. On the other hand, if the MPI is low, miners hold Bitcoin, meaning it's likely to be bullish. They were HODLers in 2018 and 2020 great sell-offs though.
Last modified 8mo ago