The 5% loss in Bitcoin price (BTC) in one day caused a big change among minersas the data of the pools show that suddenly They sent large amounts of BTC to the exchanges.
The data from the chain monitoring resource, CryptoQuant, reveal that on September 2nd there was an increase in outflows through the main mining basins.
CryptoQuant expects a “war” between the BTC bull market
Three pools count – Poolin, mud and which are now extinct HaoBTC – – The total departures on Wednesday reached 1,630 BTC ($ 18.5 million).
The number exceeds recent records and came when the BTC / USD pair quickly lost the $ 12,000 levels to ricochet off $ 11,150.
Comparison of runoff from mining basins. Source: CryptoQuant / Twitter
To the Ki Young Ju, CEO of CryptoQuantMiners could take the opportunity to reorganize the competition as Bitcoin is trading higher now than it was for most of 2020.
“I think it will be the miners’ war between those who want a bitcoin price hike and those who don’t.”he told Cointelegraph privately.
“As I know, some Chinese miners have already realized their return on investment in mining and they may not want new mining competitors to enter the industry because of the bull market.”
Even if the coins are likely to be exchangeable, The risk of a sell-off due to falling prices remains less likelyKi continued.
“Miners are good traders,” he added. “I think they’re just looking for opportunities, not surrender.”.
Key elements of BTC hit record highs
Miners are no strangers to price transfers, something that reinforces the CryptoQuant theory. In May, shortly after the halving, Similar behavior was observed when price volatility occurred.
As Cointelegraph reported earlier this week, The fundamentals of the network still underline the optimism of the participants, with the hash rate and the difficulty to float around the all-time highs.
At the time of this writing, the next difficulty adjustment set for four days was the estimates at an almost imperceptible 0.13%.