After the release of the US CPI data, Bitcoin saw a slight Rebound, and the surge in Miner transfers may indicate short-term Fluctuation.

Miner Index Soars, Triggering Short-Term Concerns According to data released by CryptoQuant analyst Avocado Onchain, the Bitcoin Miner Position Index (MPI) has risen to 2.7. This indicator measures the scale at which miners are transferring BTC to exchanges compared to the average over the past year, and is typically used to determine whether miners have the intent to sell.

A rise in MPI readings is often seen as a signal that miners are preparing to cash out, which may indicate a short-term risk of market correction or consolidation. Avocado points out that although the current indicator value is relatively high, it is still far from the extreme levels commonly seen at the peak of a bull market, so this round may just be a localized correction within the cycle.

He believes it is still uncertain whether this is a one-time Miner operation or a precursor to a new round of concentrated selling, but this behavior may still increase market short-term volatility and may not necessarily affect the long-term upward trend.

On-chain traffic confirms an increase in miner activity Another CryptoQuant analyst, Arab Chain, has independently pointed out that current on-chain data shows a significant increase in trading activity related to miners, approaching the peak in November 2024.

He emphasized that although miner on-chain activities have increased, only transferring BTC to exchanges can be seen as a clear sell signal. From the inflow data of exchanges, the recent behavior of BTC transferring from miner wallets to trading platforms is synchronized with its price breaking $116,000, indicating that miners may believe the current price is suitable for cashing out to cover operational expenses or obtain liquidity.

In addition, miners may have expectations for a short-term price pullback, which could lead to more BTC flowing into exchanges, thereby driving short-term price fluctuations. However, Arab Chain points out that the ultimate market trend still depends on whether this wave of miner activity will continue to expand.

Conclusion: Although the surge in miner activity on-chain may bring short-term selling pressure, there is currently no clear sign of a trend reversal in the market. BTC continues to oscillate at high levels, indicating that buying support remains strong. Investors should pay attention to changes in MPI, exchange inflow data, and breakthroughs at key technical levels to determine whether to enter a short-term adjustment phase or if this is merely a consolidation before a new round of upward movement.