# 矿工持仓指数

## Definition

Miners' Position Index (MPI) is defined as the ratio of the number of all miners' outflows in USD divided by 365 days moving average of it. This indicator is inspired by Puell Multiple.

$$
\text{Capitulation Index} = \frac{\text{Total Miner Outflows in USD}}{\text{Total Miner Outflows in USD (365 days moving average)}} \\\
\text{MPI} = \text{Capitulation Index (365 days moving z-score)}
$$

## Interpretation

MPI explains the relative miner's liquidation behavior compared to the historical average, assuming that most of the outflows from miners are heading to exchanges for selling. Also assuming that miners are good at selling their positions at the right time as professional traders, MPI is a good indicator for **timing exit points (selling)** by duplicating their behaviors. This also helps to view miners' profitability along with **Puell Multiple**.

{% content-ref url="/pages/-MCB-rM7tBquTrndAKrQ" %}
[普尔倍数](/zh/network-indicators/pu-er-bei-shu.md)
{% endcontent-ref %}

## Use Case

### Spotting Exit Points for Selling

Given the interpretation that MPI helps us to spot selling points, we can benefit from the events where the large MPI values occur. In this use case, we utilize one of the well-known technical indicators called [Bollinger-band](https://en.wikipedia.org/wiki/Bollinger_Bands) to detect abnormal MPI values. The below chart illustrates detected spots to exit from the market, selling.

![](/files/-MCvXIaXsyQ9Y_KXE5Gd)

## Link to Our Data

* [Miners' Position Index in CryptoQuant Live Chart](https://cryptoquant.com/overview/full/199?window=day)
* [Miners' Position Index in CryptoQuant Data API docs](https://cryptoquant.com/docs/#operation/getMPI)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://userguide.cryptoquant.com/zh/flow-indicators/kuang-gong-chi-cang-zhi-shu.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.