Bitcoin [BTC] Miners Recording Massive BTC Outflows, Will Bulls Survive?

Published by
Bitcoin [BTC] Miners Recording Massive BTC Outflows, Will Bulls Survive?

Just a day ago Bitcoin was seen lounging above 10K. However, in just a day’s time, the price of the coin plummeted back to the 9K zone. As per CoinMarketCap, Bitcoin witnessed a 5.91% drop in its price over the past 24-hours, at press time.

Advertisement

Bitcoin’s New York  Minute

Merely 24-hours ago, the crypto community were rejoicing Bitcoin’s breach of the 10K zone. Several prominent members of the crypto community even went on to soothsay that there was no turning back for the king coin. While the community thought that the Halycon Days were here, Bitcoin’s price went crashing back to 9K. At the time of writing, Bitcoin’s price was down to $9,527 after reaching a high of $10,178.75, just yesterday.

The Bitcoin blockchain underwent its third halving on 11 May 2020, where the block reward for miners lessened to 6.25 BTC from 12.5 BTC. The crypto industry expected the price of Bitcoin to ascend soon after the halving and it did as expected. However, the reason behind the price drop is still under speculation.

While several hypothesized that this might be the last time Bitcoin would be in the 9K zone, a few others like Ki Young Ju, the CEO of an on-chain analysis platform, Crypto Quant dug deep into the matter. He tweeted,

Further explaining the same, Ki Young Ju suggested that these unknown miners conventionally sell Bitcoin when the coin is around 10K. According to him selling it at 10K is “too soon in terms of mining profitability.”

The same kind of trend took place back in May as well, when the coin was proximate to hitting 10K.

Ki Young Ju went on to explain that this “Unknown mining pool” currently has the 5th largest hash rate with about 48 mined blocks.

Source

 

Another crypto-related Twitter account, Whale also highlighted that the outflows of the unknown mining pool stood at 2,293.74. The tweet read,

“I was right. I said after the halving that miners would capitulate.

There is a HUGE outflow of #Bitcoin from old miners.

Would they be doing this before a bull run? Certainly not.”

Amidst Bitcoin’s recent price drop, almost every prominent altcoin is spiraling downwards, further pointing out their correlation with Bitcoin. Just yesterday, Bitcoin Cash was exhibiting notable price change, however, at the time of writing, the coin was trading at $248.62 with 5.06% drop in its price over the last 24 hours.

Advertisement

Share
Sahana Kiran

Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Japanese Gaming Firm Gumi to Boost Treasury With BTC, XRP After $38M Raise

Japan’s gaming and blockchain leader, Gumi Inc., has revealed plans to strengthen its balance sheet…

October 3, 2025
  • Altcoin News

BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside

BNB, the native cryptocurrency of Binance, has seen a strong 8% upside, hitting a new…

October 3, 2025
  • 24/7 Cryptocurrency News

Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally

Billionaire hedge fund manager Ray Dalio has touted Bitcoin as “alternative money” as it continues…

October 3, 2025
  • 24/7 Cryptocurrency News

Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?

The U.S. Securities and Exchange Commission (SEC) has missed its final deadline on the Canary…

October 3, 2025
  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025