MRI Index Shows: Miners Recently Sold More Bitcoins Than Their Mines

According to CoinDesk's Bitcoin Price Index, Bitcoin rose from $ 3867 to $ 7,000 in the 13 days ending March 25. However, the MRI index of miner inventory data created by crypto market data company ByteTree shows that during the recovery of 81%, miners sold more bitcoins than they mined. The 21-day rolling MRI has remained above 100 throughout the recent recovery from lows below $ 4,000. An MRI index higher than 100 indicates that miners are selling more than mining and inventory is decreasing; an MRI index lower than 100 indicates that miners are selling less than mining and accumulating inventory. As prices continue to rise, miners have sufficient demand for bitcoins available in the market.