JAKARTA Bitcoin (BTC) miners have reportedly sent 4,400 BTC to the world's largest crypto exchange, Binance. This is the 4th largest Bitcoin shipment in the past two months, according to an analyst from CryptoQuant.
At the same time, the analyst explained the possibility that Bitcoin has penetrated the lower area or dips. Even so, there is no clarity when the next bull run will occur.
The transfer of thousands of BTC comes from a leading BTC mining organization called Poolin. Previously, the transfer of thousands of BTC by Poolin occurred on May 12 (2,600 BTC), June 16 (4,700 BTC), and June 22 (5,700 BTC).
CryptoQuant analysts note that the current downward trend is being maintained. However, he also admits that Bitcoin is close to the lower region according to the MVRV indicator.
Using Added Output Profit Ratio, analysts say:
We see that during the bearish market, the long period of realization under basic costs found resistance to return to profitability. This happens because network participants are trying to get out of the market with zero losses, said CryptoQuant analyst, quoted by CryptoPotato.
"This type of movement causes most currencies to be sold again at an average price during the recovery period in bearish market trends," he added.
He also said that if this downward trend was confirmed, it would likely be that the market would return to its highest level.
For additional information, Poolin is a crypto mining company founded on September 1, 2017. Its founders are Kevin Pan, Zhibiao Pan, Zhu Fa, and Tianzhao Li. Poolin not only mines Bitcoin but also mines various other cryptocurrencies including Bitcoin Cash (BCH), Dash (DASH), Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), and more.
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