Bitcoin Price Dips as Two Mining Pools’ Daily BTC Outflows Hit $68M

Bitcoin (BTC) miners may have started selling coins once more as data shows two mining pools release over 7,000 BTC in a single day.

The figures, from on-chain monitoring resource CryptoQuant, came hours before BTC/USD abruptly fell back to $9,500 on June 24.

Poolin nears outflow all-time high

The mining pools under the spotlight are HaoBTC and Poolin, with the latter seeing its second-biggest daily outflows on record. In total, the two saw outflows totaling 7,153 BTC ($68.1 million).

While the move did not correspond to a similar increase in exchange balances, the coins could still end up sold via alternative methods such as over-the-counter trading — a practice prevalent in HaoBTC and Poolin’s native China.

As Cointelegraph reported, miner outflows had in fact been decreasing since a spike in May caused by the block subsidy halving.

During that time, miners were briefly selling more than they earned, a trend which they subsequently broke to begin saving income.

Twitter commentators further noted that miner sell-offs accompanied downward Bitcoin price action, something which may hold true for the past 24 hours. In that time, BTC/USD lost around 1.1%.

Bitcoin mining pool daily outflow chart, annotated to show Poolin and HaoBTC

Bitcoin mining pool daily outflow chart, annotated to show Poolin and HaoBTC. Source: CryptoQuant/ Twitter

$12,000 BTC no longer?

The behavior marks a contrast to Tuesday’s bullish optimism. Analysts had…

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