Miner Sends Bitcoin To Binance, 4th Largest Transaction In 2 Months

Events around the world’s largest cryptocurrency by market cap, Bitcoin seems to swing uncontrollably. There has been an abrupt drop in prices across the crypto market. Bitcoin’s hold on it is no longer secure. Contrary to what many institutional investors expected, and others in the sector.

BTC’s value has dropped to $20K in the past week. Due to increased volatility in all digital assets the crypto market cap fell below $1 trillion. Although there are no signs of Bitcoin’s positive future, it is clear that the number of bitcoin miner-to exchange transactions is impressive.

Mining Companies Send Binance Large Quantities Of Bitcoin

Sources claim that the transaction was made by a BTC miner who transferred as much as 4,400 BTC into Binance. Binance is the largest crypto exchange in the world. The transaction, whichit’sk place some days ago, has spiked a mixed reaction in the industry.

Reporting on this transaction, a CryptoQuant analyst noted that it’s the 4th largest transaction over the past two months regarding miners to exchanges transfers. The analyst also stated that this transaction was originated from Poolin, which is a leading Bitcoin mining company.

Blockin developed Poolin. Due to its many unique features and functions, it is well-known as a cryptocurrency mining pool. Poolin is a useful mining tool that provides miners an excellent income. It is therefore a top choice for crypto miners.

Three transactions similar to the one above were made by miners and exchanges. The transactions include 2,600 BTC transfer in May, 4,700 BTC June 16 and 5,700 BTC June 22.

BTC Nearly Hits the Bottom

Many in the and outside of Bitcoin have more concern about Bitcoin’s continuing decline. CryptoQuant analyst said that BTC was almost at the bottom of the MVRV index. An analyst from CryptoQuant reported the implications for BTC, the most popular crypto asset that uses the Adjusted Opinion Profit Ratio.

Miner Sends Bitcoin To Binance, 4th Largest Transaction In 2 Months
Source: CryptoQuant

He examined the bear market period and the resulting losses. After the realization of the lower base cost, the resistance was able to regain the gains. This could also only occur if network participants abandon the market and disregard their losses.

Virtual currencies that reach this level will see a sell-off. In recovery timesy periods, the sales price will average out to a wider decline market.

Analysts believe that the whole process is pointing to a potential breakout from the bearish tendency. Markets will move in the direction of the north in the future. BTC currently trades at a price below $20,000 BTC is currently trading at $19,027 as of the press time.

Miner Sends BTC To Binance, 4th Largest Transaction In 2 Months
Bitcoin price rises above $19,000 in the chart. Source: BitcoinUSDT Tradingview.com
Featured image by Pixabay, chart from TradingView.com

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