On-chain data shows the Bitcoin MPI has surged to its highest value since the April of this year, a sign that may prove to be bearish for the crypto’s price.

As pointed out by an analyst in a CryptoQuant post, this instance is the fifth time that the metric has sent a warning signal.

The “Miners’ Position Index” (or the MPI in short) is an indicator that measures the ratio between the miner outflows in USD, and the 365-day moving average of the same.