Opinion: sales of an unknown miner pushed Bitcoin with $ 10,000

The head of Crypto Quant, Kai Young Joo, discovered that a little-known public mining pool sold 2,293 bitcoins after reaching a price tag of $ 10,100. This, in his opinion, provoked a lightning-fast collapse of BTC to $ 9100.

Significant outflows from the unknown miner before the dip. They’re CAPITULATING.https: //t.co/WVdBy1t17E pic.twitter.com/1LQeLYpY6X

– Ki Young Ju (@ki_young_ju) June 2, 2020

A day earlier, the growth of bitcoin above $ 10,000 suddenly stopped at about 14:45 UTC. In just a few minutes, the price fell below $ 9,500, at the moment touching the mark of $ 9,100.

Kai Young Joo recorded the sale of the first cryptocurrency by a little-known mining pool at the time of formation of the price of a new local peak. CEO Crypto Quant believes that a major player could make such a decision after overcoming the psychological threshold of $ 10,000. A similar situation, he believes, was observed on May 20.

MeanHash user suggested that the miners sold $ 6 million worth of BTC within 20 minutes, triggering a sharp drop in quotes for the first cryptocurrency.

So it looks like miners started moving coins to exchanges last night after $ BTC broken 10k.

Almost $ 6 million of them in about 20 min. #Bitcoin thread ????

Zoomed out. Vs. Zoomed in pic.twitter.com/Hn8LkLXxVn

– MeanHash✪ (@MeanHash) June 2, 2020

According to CEO Crypto Quant, the aforementioned mining pool is the fifth largest player on the market after F2Pool, Poolin, BTC.com and AntPool. This illustrates how the market can be sensitive to the actions of miners, who are among the largest sellers.

According to Young Ju, the holders of the first cryptocurrency should not be afraid that other mining pools will use this example. The MPI metric developed by him indicates that miners continue to go around BTC and are in no hurry to sell it.

MPI index is the yearly low. Miners as a whole, they’re still holding BTCs despite the dip and small miners ’capitulation.https: //t.co/Sihh0ioLYU pic.twitter.com/GfQrwGN8Lp

– Ki Young Ju (@ki_young_ju) June 2, 2020

Forklog previously wrote about how the little-known Chinese mining pool Lubian, just three weeks after adding the first block, became the sixth largest member of the Bitcoin network.

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