Seeing the rise in Bitcoin as an opportunity, miners started selling at an unprecedented rate in 2020.
It was determined that the miners, who took advantage of the price increase in Bitcoin, accelerated their Bitcoin sales.
The MPI index developed by data provider CryptoQuant has reached the highest level of the year. The index score is obtained by dividing the amount of Bitcoin that comes out of miners’ wallets by the one-year moving average of this number. While the price was at the level of $ 15,580, the MPI index was at 4.69 points. Values above 2 indicate that most miners are selling, according to CryotoQuant.
The largest cryptocurrency by market cap has been steadily rising since the beginning of October. Bitcoin, which opened last month with 10 thousand 666 dollars, closed the last 5 weeks in a row over the previous week. Today, the crypto money, which saw 15 thousand 968 dollars in the first hours, changes hands at 15 thousand 450 dollars as of 23.00. The price is around 131,000 TL in domestic crypto money exchanges.
FOMO is not yet active, according to Google data
Although the Bitcoin price has increased significantly recently, the FOMO (fear of missing the opportunity) is not yet in place, according to the data. According to Google Trends, which shows the volume in Google search results, the current value for the global “bitcoin price” search query was 10. In fact, the value seen after the halving of Bitcoin’s third block reward in the second week of May was 19. Therefore, when looking at Google data, it can be said that individual investors remain calm in the face of the recent rally of Bitcoin and do not tend to buy. On the other hand, it could mean that there is still room for Bitcoin to rise.