Bitcoin (BTC) may have recovered to USD 11,700, but miners could soon cause prices to fall, the data warns.
In an August 14 update, the CryptoQuant chain monitoring resource identified a spike in the output of mining groups.
The BTC Price: CryptoQuant Expects a „Small Setback
After remaining stable this month, the outflows from the mining groups have started to grow, with 802 BTC in aggregate flows recorded by CryptoQuant on Friday.
Describing the event as „unusual“ in an automated alert, CryptoQuant noted that if the Bitcoin leaving the groups was sent to an exchange, sales pressure could increase rapidly, driving the price down.
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Another possibility is that an over-the-counter transaction popular in China, where there are many major mining consortia, would avoid negative price impacts.
In this case, 800 BTCs from Poolin – responsible for most of the BTC recently mined in recent days – ended up in Binance.
„I’m expecting a small setback,“ CryptoQuant CEO Ki Young Ju commented on Twitter.
In comments to Cointelegraph, Ki equated the BTC shipment to approximately one week of activity for Poolin.
„They mined 147 blocks this week, and the average Bitcoin Storm for the block reward is 6.25. So that’s about what they were mining per week,“ he summarized.
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Miners‘ income cancels out the impact of halving
The financial health of the miners has returned in recent weeks, with earnings returning to pre-halving levels in April.
The halving reduced supply dramatically, fuelling anticipation of major institutional purchases that will drive price performance even further this month.
Previously, a basket of factors had persuaded analysts at Cointelegraph Markets to double the bullish sentiment.
On Thursday, filbfilb highlighted technical and macro signals that were pointing upwards, including a rebound for „highly correlated“ gold and silver.
„We are still in an uptrend, so I should be leaning towards the upside,“ he told his Telegram subscribers.