Miners are actively withdrawing bitcoin from wallets

Get real time updates directly on you device, subscribe now.

Bitcoin miners have accelerated the withdrawal of cryptocurrency. At least, this is indicated by the data of outgoing transactions from miners’ wallets on the CryptoQuant service. So, on June 3, the volume of Bitcoin withdrawal from miners’ wallets exceeded the mark of 4300 BTC (~ $ 160 million).

Note that the last time the BTC withdrawal wave was recorded on May 19, when Bitcoin fell from $ 40,000 to $ 36,700. Of the three monitored mining pools (Poolin, BTC.com and f2Pool), Poolin has the largest withdrawal (more than 3200 BTC withdrawn) …

It is worth noting that this is generally the largest daily withdrawal of bitcoin from the Poolin pool since the beginning of the year. However, it is not known whether the Bitcoin rollback to $ 36,600 correlates with the activity of miners. There is also no information on whether the withdrawal is part of the continued accumulation, or whether the miners decided to get rid of the assets.

Earlier, Glassnode said that since the fall from the $ 65,000 mark, miners and long-term hodlers have increased the accumulation of bitcoin. According to analysts, the current market structure is similar to a “battlefield between bulls and bears.” The outcome depends on whether the hodlers have enough money to contain the pressure from short-term cryptocurrency holders.

It is noteworthy that the withdrawal of cryptocurrency from pools did not always mean a market collapse. For example, on December 28, 2020, miners withdrew a record amount for that period of 23,644 BTC. At the same time, the price of bitcoin was ~ $ 27,000, and a week later, on January 7, it had already grown to $ 40,000. At the time of writing, bitcoin is trading at $ 36.4 thousand.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.