Chinese Bitcoin Miner Sent 5,600 Bitcoins to Binance

Experts from the analytical company CryptoQuant discovered an interesting fact about one of the bitcoin miners. A native of China, known under the pseudonym 1Thash, decided to make a transaction in the amount of $128,000,000 (at the rate of $22,900). Analysts suggest that in the near future, the Chinese miner may have intentions to sell their digital assets.

In terms of daily transaction volume, 1Thash became the largest on January 17 and 19, respectively. On the 17th he transferred 2.396 BTC, and on the 19th he transferred 3.336.

Many analysts link the latest bitcoin transfers made by miners to the exchange with a possible fall in BTC. According to their assumptions, a large number of sold BTC can send the market down.

Bitcoin miners will want to take profits against the background of the growth that has begun, and given that 2022 brought only losses to the miners of the flagship crypto asset, this desire in 2023 against the background of a possible start of a bullish movement will be even greater.

Therefore, a large influx of BTC into exchanges from miners could be somewhat of a bearish signal.

According to Julio Moreno, Senior Analyst at CryptoQuant, the 3,336 bitcoins that appeared in the January 19 transaction went directly to the Binance exchange. Two days earlier, 1Thash had made several transfers, 94% of which were in three different wallets.

According to CryptoQuant, these transfers at 1Thash were the largest daily transactions not only in 2023, but over the past 2.5 years, as long as the analytics company has been monitoring the miner.

The Chinese miner has actually depleted all of its stocks of accumulated BTC. According to CryptoQuant, not only he came to this decision, but other bitcoin miners. This is indicated by the fall in the level of accumulation of miners to the level of 1,837,000 BTC. This figure was the lowest in the last year.

1Thash transferred its funds to the Binance exchange at a time when the cryptocurrency was valued at $22,000. BTC is currently valued at $23,000. According to a senior analyst at CryptoQuant, the Chinese bitcoin miner is a “retired miner.” Over the past month, the Chinese managed to get only 2 blocks of BTC, and over the past six months - 13 blocks. The most active BTC mining time for 1Thash was from September 2019 to June 2021. In a year and 9 months, a Chinese BTC miner was able to mine over 4,900 blocks.