Miner inventory data MRI has heralded Bitcoin's plunge

The recent fall in the price of Bitcoin has caught many investors off guard. However, a key indicator reflecting the concerns of the network miners issued a warning a few weeks ago. The MRI index of miner inventory data created by crypto market data company ByteTree is used to measure changes in inventory levels held by these major market participants. The figure was still below 100% in January, suggesting that the market lacked confidence in the 30% price increase in January. An MRI above 100 means that miners are selling more than mining and inventory is decreasing, while an MRI below 100 means that miners are selling less than mining and inventory is hoarding. According to data from blockchain monitoring company Chainalysis, in January, miners mined 53,955 bitcoins and sent 42,451 bitcoins to the exchange, generating an MRI of 79%.