According to the CEO of CryptoQuant, miners have been selling their Bitcoin since BTC hit $42k

Quick take:

• Bitcoin Miners Position Index has hit an 8 year high
• The selling is ongoing and the main reason BTC is bearish at least in the short term
• Over 116k BTC options expire this Friday and could bring additional selling pressure
• However, institutions are still buying Bitcoin and the $30k support might just hold

Bitcoin miners have been realizing profits since BTC hit $42k. This is according to the analysis done by the CEO of CryptoQuant, Ki Young Ju, who also pointed out that the Bitcoin miners position index has hit an 8 year high. Mr. Ju went on to point out that these two factors are the reasons he is currently leaning bearish on Bitcoin at least in the short term.

His analysis can be found below together with a chart he shared demonstrating the high Bitcoin miners position index.

BTC Miners Position Index hit the 8-year high. Theyve been moving an unusual amount of Bitcoins lately. It seems theyre continuously realizing profits since 42k. This is one of the reasons why I keep my bearish bias.

Bitcoin Miners Have Been Selling their Bags Since BTC hit $42k 17116k Bitcoin Options Expire this Week

In addition to Bitcoin miners selling their bags, the price of BTC is facing another hurdle in the form of 116,000 Bitcoin options expiring this week. The high number of Bitcoin options expiring was first highlighted by the team at Skew via the tweet below. Such a high number of Bitcoin options expiring co ...

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