According to CryptoQuant, on Wednesday, when #bitcoin☀️ rose to a new historical high of about $93,500, individual large miners took the opportunity to make a profit by selling some of their assets.
Some major bitcoin miners have reduced their assets as the price has reached new historical highs. The sales volume is still small, about 2,000 bitcoins over the past week, but it is important to continue to monitor the situation, " CryptoQuant analysts noted.
During the US presidential election, the miner position index (MPI) rose from about 0.89 to the current 3.56, then there was a pullback to 1.81. MPI is the ratio of the total outflow of miners to the annual moving average of the total outflow of miners in US dollars. A higher index value indicates that miners are sending more coins to exchanges than usual, indicating a possible sale.
Despite the sales by miners, CryptoQuant analysts claim that bitcoin is still not overvalued:
At current price levels, valuation indicators such as the ratio of market value to realized value (MVRV) do not indicate that bitcoin is overvalued, which suggests that it may soon reach the $100,000 mark.
Analysts are also seeing signs of increasing demand as more investors enter the market. Investor interest in the United States increased markedly after the presidential election, as evidenced by the premium for bitcoin($BTC
on Coinbase.