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Home Cryptocurrency news Bitcoin

“Unusual” BTC Miner Outflow Could Behind Today’s Bitcoin Price Collapse

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min read
“Unusual” BTC Miner Outflow Could Behind Today’s Bitcoin Price Collapse

Large quarry dump truck. Loading the rock in the dumper. Loading coal into body work truck. Mining truck mining machinery, to transport coal from open-pit as the Coal. Production useful minerals

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Bitcoin as a cryptocurrency underpinning a blockchain network secured by miners leaves the asset’s price susceptible to sell pressure from the very parties that keep it chugging along.

It very well could be BTC miners dumping some Bitcoin for profits or to cover operating expenses that prompted the fall in the cryptocurrency’s valuation today.

Are Bitcoin Miners Behind Today’s Selloff And Fall From $11,000?

According to a bulletin from CryptoQuant Alerts Beta on Telegram – a tool used to track suspiciously large or notable inflow and outflows of BTC – miners could be behind today’s dump.

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Just as prices began to struggle to maintain highs near $11,000, over $6 million in BTC may have been sent from miner to a cryptocurrency exchange where it was market sold.

Related Reading | US Stock Indices Dow Jones, SPX Tank, Taking Down Bitcoin In Tandem

The alert tool makes mention of when large sums of BTC is moved from wallet to wallet, paying closest attention to miners, “whales,” and exchanges. These largest players in the space can have a dramatic effect on the market when they move their Bitcoin.

And it could be why the crypto market dropped today.

bitcoin btcusd miners dumping

BTCUSD Daily Miner Related Profit-Taking Pullback | Source: TradingView

What Are BTC Mining Pools And Were They Behind The Dump?

The data shows that the BTC was sent – potentially to an exchange – from the Bitcoin mining pool “Poolin.”

Mining pools like Poolin “pool” hash rate together for a better success rate on unlocking block rewards. The mining firm also sells supplies such as Antminers.

Poolin also is a Bitcoin pool and mining operation itself, bolstering its own hash rate through its customers and in return, improving theirs as well. Poolin, like any company, likely has operations to fund, expenses to cover, bills to pay, and more.

Related Reading | Bullish Case For Bitcoin: Profit Taking Turns Into Buying The Blood

To cover these costs, they have to sell the asset that’s central to their operation: Bitcoin.

And when they do, it can impact the asset’s price, especially when sold in large chunks like $6 million. Orders of that magnitude can wipe out order books and drop prices like a rock when liquidity and volume is low.

Other times, it may not make a dent. Although Bitcoin has fallen, there hasn’t been a dramatic selloff like the last time miners we seen sending an unusually high amount of BTC to crypto exchanges. However, someone has to cast the first stone, and it may have been Poolin.

Featured image from DepositPhotos, Chart from TradingView
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptominersxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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