Main navigation

Largest BTC Stash in 2021 Outflows Poolin Mining Pool as Miners Are Dropping BTC En Masse: Analytics

News
Fri, 06/04/2021 - 08:31
article image
Yuri Molchan
Analytics data from CryptoQuant and Glassnode shows that miners have started cashing out their BTC and Poolin wallet has dumped the largest Bitcoin stash this year
Largest BTC Stash in 2021 Outflows Poolin Mining Pool as Miners Are Dropping BTC En Masse: Analytics
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Data provided by the CryptoQuant analytics platform and by Glassnode aggregator shows that Bitcoin miners have increased their sales and the Poolin miner pool has sold the largest BTC amount so far this year.

3,271 BTC leaves Poolin wallet as miners are selling

As Bitcoin keeps dumping and again thanks to Elon Musk activity on Twitter, miners continue to sell Bitcoins they mint as is shown by charts provided by blockchain analytics companies Glassnode and CryptoQuant.

All charts on the site of the latter to do with Bitcoin mining outflows are showing a rise – All Miners Outflow, Small Miners Outflow and also charts of particular mining pools, such as Antpool, BTC.com, etc.

On June 3, the largest amount of Bitcoin was moved from the wallet of the Poolin mining pool – 3,271 coins.

That’s an equivalent of $119,916,822 at the current exchange rate of the largest digital currency. CIO of Moskovski Capital has called this BTC outflow largest in 2021 so far.

3954_0
Image via CryptoQuant

A recently published Glassnode chart shows that Miners' Netflow Volume (7-day MA) has hit a 3-month low of -16.108 BTC.

Related
Elon Musk Pushes Bitcoin Down with Linkin Park Song, Jokes About Dogecoin and Federal Reserve

Elon Musk pushes Bitcoin down again

As reported by U.Today earlier, the Tesla chief Elon Musk has tweeted a meme about two lovers breaking up that features a Linkin Park song lyrics and emojies of Bitcoin and a broken heart.

The community interpreted this tweet as Musk sharing his intention to sell his, and perhaps Telsa's, Bitcoin stashes. Multiple tweets from top Bitcoiners have emerged encouraging Musk to let them take his Bitcoin off his hands and about him manipulating the crypto market.

Musk's tweet has brought Bitcoin down by more than three percent. At press time, the flagship cryptocurrency is changing hands at $36,522 after dropping from the $39,200 zone and reaching a low of $36,364, as per CoinMarketCap.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.