Friday Pullback? Biggest Bitcoin Mining Pool Sends 800 BTC to Binance
CryptoQuant warns that a sell-off from Poolin may accentuate downward Bitcoin price pressure in the short term.
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.Â
BTC price: CryptoQuant expects a â€œlittle pullbackâ€�
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 â€œunusualâ€� in an automated alert, CryptoQuant noted that if the Bitcoin leaving pools wereÂ being sent to an exchange, selling pressure could quickly mount, pushing down price.
Alternatively, an over-the-counter transaction popular in China, a country home to many major mining pools, would avoid negative price repercussions.
In the event, 800 BTC from Poolin â€” responsible for the lionâ€™s share of newly-mined BTC over the past several days â€” ended up at Binance.Â
â€œI expect a little pullback,â€� CryptoQuant CEO Ki Young Ju commentedÂ on Twitter.Â
In comments to Cointelegraph, Ki equated the shipment of BTC to roughly one weekâ€™s activity for Poolin.
â€œThey mined 147 blocks this week, and the average BTC for block reward is 6.25. So Itâ€™s likeÂ what they mined per week,â€� he summarized.
Poolin mining pool outflows one-week chart. Source: CryptoQuant/ Twitter
Miner revenue cancel out halving impact
Minersâ€™ financial health has staged a comeback in recent weeks, with revenue returning to pre-halving levels in April.Â
The halving itself cut supply dramatically, fueling anticipation of major institutional buy-ins boosting price performance further this month.
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.Â
On Thursday, Filbfilb highlighted technical and macro signals pointing upwards, including a rebound for â€œhighly correlatedâ€� gold and silver.
â€œWe are still in an uptrend so I should lean on the side of bullish,â€� he told Telegram subscribers.Â
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