Miners Move 4,400 Bitcoin To Binance Signals Bearish Sentiment
According to on-chain data, Bitcoin (BTC) miners have sent approximately 4,400 BTC to Binance, which may be bearish for the cryptocurrency’s price.
The new transaction appears to have originated from the Poolin mining pool, according to an analyst in a CryptoQuant post. The “Miner to Exchange Flow,” which monitors the total quantity of coins going from all miners’ wallets to all exchanges, is the essential indication here. When the value of this measure is high, it indicates that miners are currently delivering a big quantity of coins to centralized exchanges.
Because miners typically move their Bitcoin to exchanges for sale, this trend could indicate dumping from these chain validators. As a result, the price of the cryptocurrency may fall. On the other hand, low levels of the indicator indicate that these chain validators aren’t transferring a lot of BTC to exchanges right now.
Such a tendency could signal that miners aren’t exerting much selling pressure on the market right now, which could have a neutral or bullish impact on the coin’s value, depending on other factors. The following graph depicts the pattern in Bitcoin miner to exchange flow over the last few months:
The Bitcoin miner to exchange flow graph above shows a significant increase over the last day.
The transaction, which totaled about 4,400 BTC, was sent to the crypto exchange Binance through miner wallets affiliated with the mining pool Poolin.
There have also been three additional incidents in the last few months of miners sending bitcoin from their reserves to exchanges. Each of them also coincided with drops in the price of the cryptocurrency. If the most recent miner-to-exchange flow occurred with the aim of selling, this surge could be negative for the cryptocurrency’s value.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews