Crypto analyst: Bitcoin selling pressure from miners is at a 17-month high

According to BlockBeats, on January 11, crypto analyst Joseph Young tweeted that according to CryptoQuant data, the Bitcoin miner position index has reached its highest level since July 2019. This means that the selling pressure from miners is at a 17-month high. He also said that the last time Bitcoin saw this, the price hit $14,000 and then fell back. However, Young pointed out that there are two differences between this time and the last time: first, the demand for Bitcoin from institutions has increased unprecedentedly, which has never happened before; second, benefiting from the surge in Bitcoin prices, mining companies are very profitable and they should be able to profit from it.