- CryptoQuant CEO alerted that miners in the 1THash pool transferred 3,336 Bitcoins to Binance.
- 1THash transfer is one of two large transfers to Binance exchange within 48 hours.
- Crypto community is worried about the possible impact if such amounts of Bitcoin are dumped on the market.
The co-founder and CEO of CryptoQuant, the crypto on-chain analysis platform, Kim Young Ju raised the alarm over some whale activity in the Bitcoin ecosystem.+ In a tweet, Ju alerted that miners in the 1THash pool transferred 3,336 Bitcoins to the Binance exchange. Ju’s alert was a retweet of an original and more detailed tweet by CryptoQuant’s senior analyst, Julio Monero.
Monero’s tweet identified two large Bitcoin transactions that happened 48 hours apart, one of which was quoted by Ju. According to Monero, the first large transaction was on January 17, 2023, and involved 2,396 BTC. The second, corroborated by Ju, was on January 19, 2023, and was transferred straight to the Binance exchange. As a result, 1THash Bitcoin reserves have fallen to zero, as shown in the tweet.
Monero explained that 2,396 BTC in the first transaction was batched and sent through different addresses before ending up on Binance. He also provided evidence of Binance inflow showing a total of 6,595 BTC, coinciding with the sum of the two previously mentioned transactions.
Moreno’s exposure has ignited discussion in the Bitcoin market. Considering 1THash’s transfer of all the Bitcoin in its reserves, there are suggestions that the mining pool may be shutting down its services. Monero also revealed that the pool had only mined two blocks in the last 30 days, a significant drop in its mining activities.
Some crypto users under Monero and Ju’s tweets have expressed concerns over the possibility of selling pressure if this amount of Bitcoin is sold. These concerns were triggered by the convergence of factors that could be suggestive of the current market conditions.
First, Bitcoin seems to be entering into consolidation after the recent rallies, and second, most whales will not transfer their Bitcoins to exchanges unless they want to sell. That is generating a FUD in a fragile market whose direction is yet to be determined.
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