Bitcoin miners are holding onto their assets despite a significant drop in revenue, indicating a strong belief in the cryptocurrency's future potential.

According to the Miner Position Index [MPI] for Bitcoin, the leading cryptocurrency is currently experiencing a prolonged period of reduced sell pressure from miners following a halving event. This data comes from a recent report by a CryptoQuant analyst known as Papi. The MPI measures the ratio of total miner outflow in US dollars compared to the one-year moving average of total miner outflow, also in dollars. A rise in the index indicates miners are selling more of their holdings, while a decline suggests they are holding onto or accumulating more assets.

An analysis of Bitcoin's MPI and Puell Multiple by CryptoQuant data reveals...