Miners Shift 1,750 Bitcoin On Exchange Amid Price Surge; Dump Incoming?

Bitcoin News: The global digital asset printed green indexes on Thursday as the cumulative market cap surged by around 2% to stand at $1.14 trillion. Bitcoin (BTC), the world’s largest crypto price recorded a surge of almost 3% over the past day. However, data suggests that the miners choose the perfect time for some of their holdings to crypto exchange.

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Bitcoin Under Selling Pressure?

According to the data, 1,750 Bitcoin reportedly outflows from the miner’s wallet resulting in a drop in reserve. The wallet address deposited these $48 million worth of BTC to Binance, the world’s largest crypto exchange. This move indicates that selling pressure might be coming in from the miners.

LookOnChain highlighted that the same wallet address deposited 5,791 Bitcoin (approx worth $163 million) on April 21, 2023. It added that after that BTC price dropped by around 3% within 5 hours. Read More Bitcoin News Here…

Source: LookOnChain

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The miner wallet reportedly received 10K Bitcoin (approx worth $171 million) on December 1, 2022. BTC was trading at an average price of $17,101, at that time. However, the wallet is now holding around 2,459 BTC and is in a profit of around $107 million.

Bitcoin regained the crucial $27K price level on Thursday after dipping to the $26.6K level. BTC is trading at an average price of $27,317, at the press time. Its 24 hours trading volume is up by 10% to stand at $14.1 billion.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.