Binance Bitcoin bitcoin price Markets Mining

Friday Pullback? Biggest Bitcoin Mining Pool Sends 800 BTC to Binance


Bitcoin (BTC) may have recovered to $11,700 but miners could soon spark a price plunge, data warns.

In an update on Aug. 14, on-chain monitoring resource CryptoQuant identified a spike in mining pool outflows. 

BTC price: CryptoQuant expects “little pullback”

Aftering remaining stable this month, mining pool outflows have begun to grow, with 802 BTC in aggregated flows recorded by CryptoQuant on Friday.

Describing the event as “unusual” in an automated alert, CryptoQuant noted that if the Bitcoin leaving pools was being sent to an exchange, selling pressure could quickly mount, pushing down price.

Alternatively, an over-the-counter transaction popular in China, home to many major mining pools, would avoid negative price repercussions.

In the event, 800 BTC from Poolin — responsible for the lion’s share of newly-mined BTC over the past several days — ended up at Binance. 

“I expect a little pullback,” CryptoQuant CEO Ki Young Ju commented on Twitter

In comments to Cointelegraph, Ki equated the shipment of BTC to roughly one week’s activity for Poolin.

“They mined 147 blocks this week, and the average BTC for block reward is 6.25. So It’s like  what they mined per week,” he summarized.

Poolin mining pool outflows one-week chart. Source: CryptoQuant/ Twitter

Miner revenue cancel out halving impact

Miners’ financial health has staged a comeback in recent weeks, with revenue returning to pre-halving levels in April. 

The halving itself cut supply dramatically, fuelling anticipation of major institutional buy-ins boosting price performance further this month.

Bitcoin 7-day average miner revenues six-month chart

Bitcoin 7-day average miner revenues six-month chart. Source: Blockchain

Previously, a basket of factors had persuaded Cointelegraph Markets analysts to double down on bullish sentiment. 

On Thursday, filbfilb highlighted technical and macro signals pointing upwards, including a rebound for “highly correlated” gold and silver.

“We are still in an uptrend so I should lean on the side of bullish,” he told Telegram subscribers. 





Source link

Related posts

BlockShow Asia, Bitcoin Crash Warning, India Delays Crypto Ban: Hodler’s Digest, Nov. 11–17

hurricane

Watch BitBull Capital’s Joe DiPasquale and FTX’s Sam Bankman-Fried Talk Crypto

hurricane

Apple Removes Crypto Podcast Reportedly Ranked #4 in ‘Investing’ From US iTunes Store

hurricane