Bitcoin 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.
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.
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.
Bitcoin 7-day average miner revenues six-month chart.
Friday Pullback? Biggest Bitcoin Mining Pool Sends 800 BTC to Binance
pubblicato su Aug 14, 2020
by Cointele | pubblicato su Coinage
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