Bitcoin Miners Refuse to Sell as Active Holders Bleed

Bitcoin miners are holding onto their coins despite the cryptocurrency's volatility near $63,000. The Miners' Position Index (MPI) has been stuck at -0.94 for weeks, indicating that miners are moving less BTC to exchanges than their one-year average.

This lack of selling pressure is in stark contrast to active holders, who have seen a 20% average loss according to the AVIV ratio. This metric pairs with the True Market Mean (TMM), which tracks the average cost basis of coins that still move and has been acting as resistance at around $76,700.

While some analysts believe this cycle may not reach the same depths as past bear markets, others caution that institutions have arrived and ETFs have poured billions into Bitcoin. Joao Wedson notes that adoption is higher than ever before, but concedes that nothing so far contradicts the old cyclicality of Bitcoin's price movements.