Miners allegedly make big bitcoin transfers to Binance

CryptoQuant alerted that miners are making significant bitcoin transfers to Binance. The recent one was of 1750 BTC.

A notable transaction involved a substantial transfer of 1750 BTC from the address 3BPAodH6WkNQC8TUrnwFKhETiFacNUi68X, associated with miner Poolin, to the address 14nr1dktB2fCn2XkUV2AdwhcmqcHk3acji. The receiving address subsequently sent the same amount of bitcoin to Binance, utilizing the recipient address bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h.

Unveiling Miner Outflows: Clues Point to Significant $BTC Transfer to Binance.
“Miners’ reserves are decreasing, indicating a selling pressure from the miners’ side.”
by @IT_Tech_PL
Link👇https://t.co/9gFmBoAeS4
— CryptoQuant.com (@cryptoquant_com) May 19, 2023

Per CryptoQuant, all 1750 BTC were ultimately transferred to Binance. This significant shift in funds raises concerns about potential selling pressure from miners, a group that plays a crucial role in the cryptocurrency ecosystem.

Moreover, the decreasing number of available miners adds weight to this observation. Their participation is gradually declining as the mining industry faces various challenges, including regulatory uncertainties and environmental concerns.

Source: https://crypto.news/miners-allegedly-make-big-bitcoin-transfers-to-binance/