Poolin nears outflow all-time high
The mining pools under the spotlight are HaoBTC and Poolin, with the latter seeing its second-biggest daily outflows on record. In total, the two saw outflows totaling 7,153 BTC ($68.1 million).
While the move did not correspond to a similar increase in exchange balances, the coins could still end up sold via alternative methods such as over-the-counter trading — a practice prevalent in HaoBTC and Poolin’s native China.
As Cointelegraph reported, miner outflows had in fact been decreasing since a spike in May caused by the block subsidy halving.
During that time, miners were briefly selling more than they earned, a trend which they subsequently broke to begin saving income.
Twitter commentators further noted that miner sell-offs accompanied downward Bitcoin price action, something which may hold true for the past 24 hours. In that time, BTC/USD lost around 1.1%.
Bitcoin mining pool daily outflow chart, annotated to show Poolin and HaoBTC. Source: CryptoQuant/ Twitter
$12,000 BTC no longer?
The behavior marks a contrast