The on-chain data analytical platform CryptoQuant revealed miner outflows indicating significant Bitcoin transfer to the crypto exchange Binance. In a post created by the crypto analyst IT Tech, the author said that upon receiving an alert from CryptoQuant on Telegram, he scrutinized the transaction activities, discovering “something interesting”.
CryptoQuant, on May 19, shared a Twitter thread “unveiling miner outflows”:
Unveiling Miner Outflows: Clues Point to Significant $BTC Transfer to Binance.
— CryptoQuant.com (@cryptoquant_com) May 19, 2023
"Miners' reserves are decreasing, indicating a selling pressure from the miners' side."
by @IT_Tech_PL
Link👇https://t.co/9gFmBoAeS4
According to IT Tech’s analysis, in Miner Poolin, one of the largest Bitcoin mining pools, 1750 Bitcoins were transferred from 3BPAodH6WkNQC8TUrnwFKhETiFacNUi68X to 14nr1dktB2fCn2XkUV2AdwhcmqcHk3acji, whereas 14nr1dktB2fCn2XkUV2AdwhcmqcHk3acji sent 1750 Bitcoin’s to Binance’s bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h, indicating a high probability of the Bitcoins being ultimately transferred to Binance.
The post highlighted:
There is a high probability that 1750 BTC ultimately went to Binance. Miners’ reserves are decreasing, indicating a selling pressure from the miners’ side.
At the time of writing, BTC is traded at a price of $26,928.19, exhibiting a downward trend. The cryptocurrency currently holds a 24-hour trading volume of $14,310,177,816 and a live market cap of $522,047,714,943. Though the largest cryptocurrency by market cap has fallen to the multi-month low of $25,850 in the last week, soon it started spiking.
The previous week’s plummet in the BTC price followed the interruptions in the services of Binance, when the exchange halted withdrawals twice a day, due to a large backlog of pending transactions. BTC which stood at the exiting level of $29,000, while the investors eagerly waited for a much anticipated $30,000, the price plunged back.
The market insight platform Statista released data that shows the daily transactions of BTC from 2009 to 2023. The report shows that the highest number of BTC transactions took place at the beginning of the year 2021.
