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Bitcoin (BTC) On-Chain Metrics Indicate Post-Halving Miner Capitulation Is Over

by Daily Hodl Staff
June 8, 2020
in Bitcoin

On-chain data suggests that the much-feared post-halving miner capitulation, which has been blamed for large sell-offs in the past, is now over as miners begin to favor accumulation.

The blockchain analytics platform CryptoQuant says that its Miners’ Position Index (MPI), a metric that offers insight on whether BTC miners are selling or holding onto their coins, has plummeted nearly a month after the third Bitcoin halving.

Source: CryptoQuant

A high MPI reading indicates that miners are selling while a low MPI value marks miner accumulation. On May 10th, the day before the third halving, the MPI soared to its 2020 high of -0.275. By June 1st, the metric plunged nearly 200% to -0.752.

Meanwhile, data from crypto intelligence firm Glassnode supports the notion that BTC miners are in accumulation mode. Glassnode’s Miner Outflow Multiple reads at 0.613, a value that mirrors the bear market bottom of December 2018 when miners accumulated Bitcoin at $3,000.

Source: Glassnode

BTC miners are some of the biggest whales in the market and their activity can have a significant impact on the value of the leading cryptocurrency.

A month after the second halving in 2016, Bitcoin’s value dropped by over 30%. Coming into the third halving, many feared that history will repeat itself but so far, BTC has avoided a significant retracement.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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