According to the cryptocurrency analytics company CryptoQuant, Yesterday, on June 23, 2020, it went down in history as the day with the largest bitcoin runoff from key miners in the ecosystem.
According to CryptoQuant yesterday large mining groups transferred a record amount of Bitcoin at 9,098 BTC, an approximate value of $ 87 million.
For many analysts, the outflow recorded yesterday is the highest in history and possibly the reason for the BTC price correction that we observed today.
At the time of writing, Bitcoin’s price has made an expected correction, as we reported yesterday, with levels near monthly support.
The 9,098 BTC exceeded withdrawals registered by major mining groups on May 20 by 18%. This was the beginning of a sharp double-digit drop in Bitcoin price by “-10%” for this time, going back to levels below 9k.
It is even more important the reference to the Negro Black Thursday of March 12, when the price of the leading cryptocurrency fell by -50% after BTC’s massive withdrawal from key ecosystem miners, Reaching trading below 4K.
While it’s still too early to find out if Bitcoin price is following the negative behavior of the last two big BTC withdrawals registered by CryptoQuant, Currently, the daily BTC chart suggests a small increase above the USD 9,200 monthly support zone after a decrease of -4.75%.
On the other hand, Glassnode yesterday also showed an important fact that would contribute to the drop in Bitcoin prices.
According to cryptocurrency analysis, the biggest bitcoin flow from miners to crypto exchanges was observed during the year yesterday.
Yesterday we saw the largest river in the world #bitcoin from miners to exchanges in over a year.
Graphic: https://t.co/Erw5cYgIOi pic.twitter.com/ns9NsUScal
– glass knot (@glassnode) June 24, 2020
The data reflect that movement, orA total of 2,650 BTC were registered by the miners on the Bitfinex exchange.
Likewise, the Glassnode data indicate that 2,680 BTC were taken from an unknown pool titled “Other” without being explicitly stated if it was a single miner or a group of them with anonymous proxies.
The movements of Bitcoin withdrawals from wallets from mining assemblies to exchanges occur at a key time of the month: the expiry of a significant amount of Bitcoin futures options.
A total of 114,000 Bitcoin options will expire next Friday for a face value of $ 1 billion. according to skew data.
– skew (@skewdotcom) June 22, 2020
however The data, also published by Skew, show that around 70% of BTC futures contracts have an expiry price of around $ 11,000. as revealed by Forbes on June 22nd.
Despite the drop in Bitcoin prices registered the previous day This quarter’s profitability for the major cryptocurrency in the market remains green, as we reported yesterday.
Currently, only a sudden drop to Black Thursday’s level could reverse the positive trend that Bitcoin had in this second quarter of 2020.