A Chinese miner has sent nearly 5,600 bitcoin (BTC), about $124 million worth, to the Binance crypto exchange, blockchain data shows, in what might be interpreted as a move to sell the holdings.
Bitcoin miner 1Thash sent almost its entire bag of bitcoin to Binance in a series of transactions earlier this week that were flagged by the analysis firm CryptoQuant. Binance is the largest crypto exchange by daily trading volume.
The conventional wisdom among crypto traders is that large BTC inflows from miners to exchanges like Binance is a bearish signal that miners may be preparing to sell BTC. The implication is that the recent crypto rally may have pushed prices to a level that’s too impossible to resist, especially with profit margins compressed in recent months by the crypto winter.