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This mining pool’s selling activity suggests Bitcoin is far from being bullish

cryptoslate

1mon ago

Behaviors seen amongst Bitcoin miners can provide insights into the state of the crypto market, as they are the collective group responsible for both running the BTC network and placing a steady stream of selling pressure on the market.

Watching for when miners sell or hold their minted BTC can offer insight into how they feel about the cryptocurrency’s price trend.

Interestingly, the largest unknown Bitcoin mining pool saw significant outflows in the hours before Bitcoin plummeted from the mid-$10,000 region to lows of $8,600.

This may offer a grim outlook for the cryptocurrency’s mid-term trend, as it signals that this pool – who has sold previous market tops – does not feel that the crypto’s recent uptrend will be sustainable.

Although miners may not have too much more predictive power than retail investors do when it comes to Bitcoin’s price, they are able to influence the market through when and at what price they sell their minted BTC.

Analytics platform Glassnode spoke about the insight miners can offer into market trends in a recent post, offering a chart showing that miner inflows into exchange, in general, have been declining significantly in the time since the mining rewards halving in early-May.

“Miners play an essential role in the Bitcoin ecosystem. Understanding their behavior gives investors powerful insight into a driving force of the market.”

Many had speculated that the mining rewards halving would help alleviate some of the mining pressure that had previously been placed on the market by miners.

This notion appears to have been proven true by the data presented by Glassnode.

The largest unknown mining pool has established a tendency of selling local market tops in recent times.

Ki Young Ju – the CEO of CryptoQuant – spoke about this in a recent tweet, offering a chart showing that they moved a significant amount of Bitcoin to an exchange just before the market plummeted from over $10,000 to lows in the sub-$9,000 region.

“Significant outflows from the unknown miner before the dip.”

The same mining pool’s wallet also saw a massive outflow on May 20th as well, just before it declined from $9,800 to lows of $8,700.

Ju also spoke about this:

“Major mining pools usually send BTC to exchanges periodically, but this largest unknown mining pool, they only move their Bitcoins when the price reaches THE TOP.”

Their selling around the $10,000 region seems to indicate that this mining pool – which has the fifth-largest hash rate – does not think Bitcoin will easily surmount the five-figure price region.

The world’s equity, fuel, and bonds markets have entered into uncertain and volatile periods — driven on the back of unstable trade wars, changing fundamentals, and the ongoing coronavirus pandemic.

The now-concluded Bitcoin halving marked a significant step in the pioneer cryptocurrency’s evolution, that of reducing block rewards to miners to maintain its premise as a deflationary currency.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

On June 2, more than $220 million worth of long and short contracts were liquidated on BitMEX.

The Bitcoin price surged by more than 191 percent in the past three months.

Despite Bitcoin being down roughly 50 percent from its all-time highs, the vast majority of the benchmark cryptocurrency’s investors are profitable, with its immense climb from its March lows of $3,800 bolstering their profitability.

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