The 5% loss in one day in the price of Bitcoin (BTC) caused big changes in the miners, as shown by the data from the pools that suddenly sent large amounts of BTC to the exchanges.
Data from the chain monitoring resource, CryptoQuant, reveal that on September 2 there was an increase in outflows through the main mining pools.
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Counting three pools – Poolin, Slush and the now-defunct HaoBTC – Wednesday’s total outings reached 1,630 BTC ($18.5 million).
The figure is higher than recently recorded, and came as the BTC/USD pair quickly lost the $12,000 level to bounce back by $11,150.
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For Ki Young Ju, CEO of CryptoQuant, the miners may be seizing the opportunity to reorganize the competition, now that Bitcoin is trading higher than in most of 2020.
„I think it’s going to be the miners‘ war between those who want a Bitcoin Method price increase and those who don’t,“ he told Cointelegraph privately.
„As I know, some Chinese miners have already realized their mining profitability (return on investment), and they may not want new mining competitors to join the industry because of the bull market.
Although the currencies are likely to go to the exchanges, the danger of a massive sale due to falling prices is still less likely, Ki continued.
„The miners are good traders,“ he added. „I think they only look for sales opportunities, not capitulation.
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Miners are no strangers to price-induced transfers, which reinforces the CryptoQuant theory. In May, just after the halving, a similar behavior was observed as price volatility occurred.
As Cointelegraph reported earlier this week, the fundamentals of the network still highlight optimism among participants, with the hash rate and difficulty hovering around all-time highs.
At the time of publication of this article, estimates placed the next difficulty adjustment, set for four days, at an almost imperceptible 0.13 percent.