Bitcoin dump: miners start selling 9,000 BTC, possibly starting a new bear market
Join LBRY and EARN 1$ just to signup, you can sell it on Bittrex: https://lbry.tv/$/invite/@shadowcrypto:2
Bitcoin saw its attempts to exceed 10k be thwarted yesterday with a sudden drop by prices
On Tuesday, Bitcoin miners transferred nearly 3,000 BTC, worth $ 28 million, on to exchange portfolios. Thousands more were probably transferred through OTC operations. Direct exchange transfers represent the most important Bitcoin (BTC) be due miners to those platforms in additional than a year, consistent with data from Glassnode.
Most of the two ,650 BTC volume was sent to Bitfinex, the corporate said. Miners who transfer funds in bulk to cryptocurrency exchanges usually indicate their intention to sell.
The big transfers coincided with a pointy drop by the worth of Bitcoin on Wednesday, dropping to around $ 9,200 when it cost $ 9,700. Previous transfers of large-scale miners to exchanges were preceded by a pointy drop by the worth of Bitcoin, opening a bearish cycle. it's not yet clear whether the foremost recent transactions will have an identical effect.
Glassnode's data excludes over-the-counter business - common operations with Chinese mining pools. However, numbers from elsewhere show that Bitcoin miners may have started selling much larger quantities of the most cryptocurrency.
According to Cryptoquant, an on-chain monitoring service, quite 9,000 BTC valued at around $ 86 million were handled on Tuesday, quite possibly through OTC transactions, as mass transfers didn't correspond to similar increases exchange balances.
The last time miners handled such a big amount of Bitcoin was on December 26, 2019, with a complete of 14,800 BTC, the corporate reported. Mining pools like Poolin and Haobtc accounted for the foremost important share of the most recent transfers, sharing up to 7,100 BTC transfers between them.
"There has been an enormous increase in mining output overnight, i'm expecting tons of sales, starting soon," tweeted crypto analyst Cole Garner. "This is perhaps an over-the-counter deal, as flows don't appear to be moving towards exchanges," he added.
At the time of this writing, Bitcoin is trading at $ 9,273, betraying the optimistic expectations of the cryptocurrency community of an increase above $ 10,000, the extent considered key to triggering an enormous price hike.