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Relapse Friday? The largest Bitcoin mining consortium sends 800 BTC to Binance

August 14, 2020

Bitcoin (BTC) may have rebounded to $ 11,700, but miners could soon see its price dropwarn the data.

In an update dated August 14th, the chain tracking resource CryptoQuant identified a peak in the output of mining pools.

The price of BTC: CryptoQuant expects a “small pullback”

After staying steady this month Mining pool drains have increased, with CryptoQuant recording 802 BTC total flows on Friday.

Relapse Friday? The largest Bitcoin mining consortium sends 800 BTC to BinanceRelapse Friday? The largest Bitcoin mining consortium sends 800 BTC to Binance

Describing the event as “unusual” in an automated warning, CryptoQuant noted that if the bitcoin leaving the pools were sent to an exchange, selling pressure could increase rapidly, which would lower the price..

Another possibility is that A popular over-the-counter transaction in China, where there are many large mining pools, would avoid a negative price impact.

In this case, 800 BTC from Poolin – responsible for most of the BTC mined in recent days – landed on Binance.

“I hope a little backlash”, commented Twitter Ki Young Ju, CEO of CryptoQuant.

In comments on Cointelegraph, Ki equated sending BTC to a week of activity for Poolin.

“”You mined 147 blocks this week and the average BTC for the block reward is 6.25. So it’s like they took it down per week“, summarized.

Poolin Mining Pool Flows Weekly Chart

The pool-in-pool is removed from the chart for a week. Source: CryptoQuant / Twitter

The miners’ incomes offset the effects of the halving

Miners’ financial health has returned in recent weeksand earnings are back at pre-halving levels in April.

The halving drastically reduced supply and aroused expectations of important institutional purchases that will affect price developments even more this month.

Bitcoin 7-Day Average Miner Revenue Six-Month Chart

Graph of the average income of Bitcoin miners in 7 days per semester. Source: Blockchain

Before, A basket of factors had led the analysts at Cointelegraph Markets to double the bullish sentiment.

Thursday, filbfilb highlighted technical and macro signals pointing upward, including a rebound for “strongly correlated” gold and silver.

“”We are still in an uptrend so I should lean on the bullish side“he said to his telegram subscribers.

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