According to on-chain statistics obtained from CryptoQuant, the 5,592 BTC worth around $124 million transferred out of the miner’s address in the last three days ended up in Binance.
According to blockchain data, a Chinese miner moved nearly 5,600 bitcoin (BTC) to the Binance crypto exchange, valued approximately $124 million, in what may be regarded as an effort to sell the assets.
In a sequence of transactions earlier this week that were spotted by the analytical firm CryptoQuant, bitcoin miner 1Thash transmitted practically its entire bag of bitcoin to Binance. Binance is the largest cryptocurrency exchange in terms of daily trading volume.
Large BTC inflows from miners to exchanges like Binance, according to popular knowledge, are a bearish indicator that miners are prepared to sell BTC. The conclusion is that the recent crypto rise may have driven prices to a point where they are too difficult to resist, especially given how profit margins have been squeezed in recent months due to the crypto winter.
According to CryptoQuant data, on January 17 and 19, 1Thash sent out 2,396 and 3,336 BTC, respectively.
According to Julio Moreno, a senior analyst at CryptoQuant, the 3,336 BTC sent on January 19 was transmitted directly to Binance, while 94% of the 2,396 BTC transferred on January 17 was held in three distinct wallets before arriving at Binance.
The transactions on the two days were the highest in CryptoQuant’s 1Thash tracking history, which began in July 2020, two and a half years ago.
According to CryptoQuant data, 1Thash’s outflows reduced the miner’s holdings to zero, while the BTC reserve balance for all miners fell to its lowest level in a year at 1.837 million.
1Thash’s BTC inflows to Binance occurred as bitcoin, the most valuable cryptocurrency by market capitalization, surpassed $22,000.
Moreno described 1Thash as a “retired miner” because the pool had only mined two blocks in the previous 30 days. Furthermore, according to data from the Mempool Open Source Project, 1Thash has mined only 13 blocks in the last six months.
The majority of 1Thash’s mining activity occurred between September 2019 and June 2021. During that time, 1Thash mined over 4,900 blocks, accounting for 99% of the total block count.
