Sage D. Young
Sage D. Young is reporting to CoinDesk about technical protocols. It has some TNT, gold and silver, along with BTC, ETH, LINK, AAVE, PEOPLE, DOGE, OS and HTR.
A Chinese minor sent close to 5,600 Bitcoin (BTC), We're looking at $124 million, to the BINANCE crypto swap, blockchain information shows, in what could be construed as an attempted sale of the investments.
Bitcoin miner 1Thash sent almost its entire bag of bitcoin to Binance in a series of transactions earlier this week that were flagged by the analysis firm CryptoQuant. Binance is the biggest crypto exchange by day-to-day commercial volume.
The conventional wisdom among crypto traders is that the large influx of btc from miners to trades as binance is a down signal that miners can get ready to sell btc. The implication is that the recent crypto rally may have pushed prices to a level that’s too impossible to resist, especially with profit margins compressed in recent months by the crypto winter.
On Jan. 17 and Jan. 19, 1Thash transferred out 2,396 and 3,336 BTC, respectively, according to CryptoQuant data.
Julio moreno, senior analyst at cryptoquant, reported that 3.336 btc was transferred to Jan. 19 was sent directly to binance, while 94 per cent of the 2,396 BTC transferred on Jan. 17 were sitting in three different portfolios before they landed binantly.
The transfers on the two days were the highest outflows in CryptoQuant’s tracking history of 1Thash, which started in July 2020, two and a half years ago.
1 These outflows reduced the workings of the miner to zero, whereas the reserve balance of BTC for all minors fell to its lowest level in one year to 1.837 million, CryptoQuant data demonstrates.
1thash BTC binary outputs came along like Bitcoin, no. 1 cryptocurrency per market cap, has surpassed $22,000.
1thash is a "pensioner," added moreno, because the pool had mined only two blocks in the last 30 days. Moreover, in the past six months, 1Thash had mined only 13 blocks, data from the Mempool Open Source Project shows.
The bulk of 1Thash’s mining activity took place between Sept. 2019 and June 2021. During this period, 1Thash operated more than 4,900 blocks, representing 99 per cent of the total number of blocks.