Miners Shift 1,750 Bitcoin On Exchange Amid Price Surge; Dump Incoming?

Ashish Kumar
May 18, 2023 Updated July 21, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal 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.
Crypto Market Selloff: Here's Why Bitcoin, ETH, XRP Risks Massive Liquidations

Bitcoin News: The global digital asset printed green indexes on Thursday as the cumulative market cap surged by around 2% to stand at $1.14 trillion. Bitcoin (BTC), the world’s largest crypto price recorded a surge of almost 3% over the past day. However, data suggests that the miners choose the perfect time for some of their holdings to crypto exchange.

Also Read: Binance Australia Suspends AUD Fiat Deposits

Advertisement
Advertisement

Bitcoin Under Selling Pressure?

According to the data, 1,750 Bitcoin reportedly outflows from the miner’s wallet resulting in a drop in reserve. The wallet address deposited these $48 million worth of BTC to Binance, the world’s largest crypto exchange. This move indicates that selling pressure might be coming in from the miners.

LookOnChain highlighted that the same wallet address deposited 5,791 Bitcoin (approx worth $163 million) on April 21, 2023. It added that after that BTC price dropped by around 3% within 5 hours. Read More Bitcoin News Here…

bitcoin wallet
Source: LookOnChain

Also Read: Ripple Secures Another Win Against US SEC; Hinman Docs To Go Public

The miner wallet reportedly received 10K Bitcoin (approx worth $171 million) on December 1, 2022. BTC was trading at an average price of $17,101, at that time. However, the wallet is now holding around 2,459 BTC and is in a profit of around $107 million.

Bitcoin regained the crucial $27K price level on Thursday after dipping to the $26.6K level. BTC is trading at an average price of $27,317, at the press time. Its 24 hours trading volume is up by 10% to stand at $14.1 billion.

Also Read: Pepe Craze Enters NFT; Bitcoin Frogs Takes Top Spot

Advertisement
coingape google news coingape google news
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.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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.