Kim Young Ju, co-founder and CEO of on-chain crypto analytics platform CryptoQuant, has raised the alarm about some whale activity in the Bitcoin ecosystem. He specifically pointed to data showing that a miner or miners transferred large amounts of Bitcoin (BTC) to Binance. Here are the details…
CryptoQuant explained: Cryptocurrencies transferred to Binance
Kim Young Ju, CEO of CryptoQuant, warned in a tweet that miners in the 1THash pool have transferred 3,336 Bitcoins to the Binance exchange. Ju’s warning followed a more detailed tweet from CryptoQuant senior analyst Julio Monero. Monero’s tweet identified two major Bitcoin transactions that took place 48 hours apart, one of which was quoted by Ju. According to Monero, the first major transaction took place on January 17, 2023 and contained 2,396 BTC.
The second, which was confirmed by Ju, was on January 19, 2023 and was directly transferred to the Binance exchange. As a result, 1THash Bitcoin reserves dropped to zero as seen in the tweet. Monero explained that 2,396 BTC in the first transaction were grouped and sent through different addresses before expiration on Binance. It also provided proof of Binance listing showing a total of 6,595 BTC, which is the sum of the two previously mentioned transactions.
Moreno’s disclosure sparked controversy in the Bitcoin market. Considering that 1THash has transferred all the Bitcoin in its reserves, there are suggestions that the mining pool may shut down its services. Monero also revealed that the pool has only mined two blocks in the past 30 days, with a significant drop in mining activity. That’s why Moreno added that 1Thash is a “retired miner.” Also, according to data from the Mempool Open Source Project, 1Thash has only mined 13 blocks in the last six months.
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As a result, Julio Moreno, a senior analyst at CryptoQuant, stated that 3,336 BTC transferred on January 19 were sent directly to Binance, while 94 percent of the 2,396 BTC transferred on January 17 were stored in three different wallets before going to Binance. . Some crypto users under Monero and Ju’s tweets expressed their concerns about the possibility of selling pressure if this amount of Bitcoin is sold. These concerns were triggered by the convergence of factors that could point to current market conditions.
First, Bitcoin seems to be consolidating after recent rallies, and second, most whales will not transfer their Bitcoin to exchanges unless they want to sell it. This creates an FUD in a fragile market whose direction has yet to be determined. The two-day transfers were the highest in CryptoQuant’s 1Thash viewing history, which began two and a half years ago in July 2020. cryptocoin.com According to data, Bitcoin is trading at $ 22,600 with an 8 percent increase at the time of writing.
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