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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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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.

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
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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