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

Also Read: Binance Australia Suspends AUD Fiat Deposits

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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…

bitcoin wallet
Source: LookOnChain

Also Read: Ripple Secures Another Win Against US SEC; Hinman Docs To Go Public

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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.

Also Read: Pepe Craze Enters NFT; Bitcoin Frogs Takes Top Spot

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