Miners keep calm as Bitcoin hits new all-time high

Hello my fellow bloggers! Bitcoin is doing great today. Several blockchain metrics show some promising stats. How miners react on new all-time high? Let’s dive in and investigate!

News background is very positive for Bitcoin and crypto in general. Inflation data pushes people and institution to invest. Bitcoin is a risky asset, but it still gets investment from people running from inflation. Coinbase just performed direct listing and crypto is loud on all mass media. Gary Gensler took the seat in SEC and we can expect first US Bitcoin ETF to be approved this year. The price stays in green zone for a few days and we hit a new all-time high. Blockchain metrics show some positive signals.

The number of BTC wallets with non-zero (>0.01 BTC) balance hit a new all-time high. Despite the luck of hype, the number of BTC users keep growing. We see google searches for Bitcoin and alts continue to decrease. Yet the actual number of users doesn’t follow the same dynamics.

The number of exchange deposits of BTC just hit month low. It seems investors are not ready to sell yet. This new all-time high doesn’t look enough for Bitcoin community. People expect uptrend to continue. It seems community doesn’t think it is time to take profit yet. Miners are in the same mood.

Miners' Position Index (MPI) - The ratio of BTC leaving all miners wallets to its 1-year moving average. Values above 2 indicate most miners are selling.

Miners MPI chart indicates miners don’t show any interest in selling BTC at new all-time high. In past two weeks, we saw miners supporting BTC price by reducing their sales. The market enjoined the reduction of sales pressure and used it to regain strength. The expectation was miners will start dumping BTC once it hits new all-time high. Yet we see they keep calm and wait for a larger price action. Can this support further price growth? I guess it will be a decent help for the market.

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