Mining Company Sent Over $85 Million In Bitcoin To Binance

Twitter icon  •  Published il y a 1 an  •  Nikolas Sargeant

A mining organization sent 4400 bitcoin (BTC) to Binance, making it the fourth largest transaction made on the network in the last two months.

A miner sent 4400 bitcoin (BTC) to Binance, something in the region of $85 million at the time of press, making it the fourth largest transaction made on the network in the last two months. 

Just a few days ago, a miner moved the funds as a market analyst at CryptoQuant revealed that Bitcoin might be close to the bottom, although there are no apparent signs of any positive movements or when a bull market might begin.

Who Sent The Funds?

A Chinese cryptocurrency mining organization called Poolin was responsible for the transaction. The company is an organization pushing for decentralization and boasts the title of one of the most prominent BTC mining groups globally. 

Poolin ranks fourth in the world rankings of Bitcoin mining organizations in China. Ahead of them are F2pool, Antpool, and ViaBTC, accounting for around 40% of all blocks mined.

Bitcoin Transactions And The Market

The previous transactions of this magnitude were last made in May and June, for amounts varying from 2,600 to 5,700 BTC. None of these touch the most significant transaction in the network’s history, which occurred back in 2020, transferring 161,500 BTC. 

The latest transfer of funds has come at a great time, as Bitcoin is currently hovering around the $20,000 mark. The hope is that a bull market will return shortly, giving tremendous value to these low-price purchases. 

An analyst at on-chain analytics company CryptoQuant notes that the current downtrend for BTC is likely to continue. According to the MVRV indicator, the bottom has been hit, which does give reason to be hopeful about the future. 

Using the adjusted output profit ratio, the analyst stated that in terms of lossmaking, we have noted during the bear market that long periods of realization below base cost find resistance and offer opportunities for profitability. These openings occur for investors as holders look to exit the market by zeroing their losses. 

Bitcoin Short-term Forecast

Bitcoin pricing seems to be maintaining its level at 20,000. Momentum indicators remain bearish, the macro environment is putting pressure on the coin with the hype surrounding the Ethereum (ETH) Merge. Many feel that Bitcoin will be left behind, which explains why the BTC upside hasn’t been anywhere in sight. A lot is resting on the Ethereum Merge. After it’s completed, we’ll have a more precise forecast for BTC for the rest of 2022.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.