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Bitcoin price drops as daily BTC flows from two mining pools reach USD 68 million

The Bitcoin miners (BTC) may have started selling coins again, as data shows that two mining pools released more than 7,000 BTCs in a single day.

The figures from CryptoQuant, the chain monitoring resource, came hours before the price of Bitcoin dropped sharply to $9,500 on June 24.

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The mining pools in focus are HaoBTC and Poolin, the latter being the second largest daily outings. In total, the two showed outflows totalling 7,153 BTC ($68.1 million).

Although the movement did not correspond to a similar increase in exchange settlements, the currencies could end up being sold through alternative methods such as over-the-counter trading, a practice that prevails in HaoBTC and in Poolin’s native China.

As Cointelegraph reported, miners‘ output had been declining since a peak in May, caused by the halving of the block’s reward.

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During that time, the miners briefly sold more than they earned, a trend they later interrupted to start saving income.

Twitter commentators noted that the miners‘ sales accompanied the drop in Bitcoin prices, which may be true in the last 24 hours. In that time, the price of Bitcoin (BTC/USD) lost about 1.1%.

Bitcoin mining pool daily outflow chart, annotated to show Poolin and HaoBTC

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The behavior marks a contrast with Tuesday’s bullish optimism. Analysts had hoped that an upward trend would soon begin, triggered by rumors that PayPal was about to integrate support for cryptomoney.

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An increase from $10,000 to $12,000 was a firmly established theory, while Cointelegraph Markets‘ Keith Wareing and Michaël van de Poppe were among those who saw the possibility of reaching the five figures.

However, even taking into account the latest drop, Bitcoin’s price remains within a scenario that would only be jeopardized by falling below $9,200, van de Poppe said earlier.