A few days ago, a miner sent a whopping 4,400 BTC to Binance. This seems to be the fourth largest transaction from miners to exchanges in the last two months.
At the same time, analysis reveals that Bitcoin might already be close to the bottom region, although there are no clear signs as to when the next bull market might take place.
- 4,400 BTC was moved from a miner to Binance. This particular transaction came from the prominent BTC mining organization called Poolin.
- According to an analyst from CryptoQuant, this is the 4th biggest transaction from miners to exchanges in the past two months.
- The previous transactions of similar magnitude were on May 12th (2,600 BTC), June 16th (4,700 BTC), and June 22nd (5,700 BTC).
- Another analyst from CryptoQuant notes that the downtrend is currently being maintained. However, he also acknowledged that Bitcoin is already close to the bottom region according to the MVRV indicator.
- Using the Adjusted Output Profit Ratio, the analyst says:
When looking at lossmkaing, we see that during the bear market, long periods of realization below base cost find resistance to return to profitability. This occurs because network participants seek to exit the market by zeroing their losses.
This type of movement causes most currencies to be sold again at their average price during recovery periods within a bearish central trend (red arrow).
- The analyst argues that when “these achievements” start happening with serious profit, the breakout of the downtrend can be confirmed, putting the market to expressive highs.
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