Another 5000 Miner BTC Sent To Binance- another dip?

Mr.right85

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Quote from: borovichok on June 23, 2022, 03:11:09 AM

According to the CrytoQuant chart, 5000 BTC was recently sent to Binance.

The market appears to be controlled by a small group of people, which is the opposite of what bitcoin was about.

Since it was first created, Bitcoin has repeatedly died a thousand times, but it has continued to exist. Will there be another round of "Bitcoin is dead" propaganda from the government and gold holders?

5000BTC is some huge amount for sure and could cause some impact to the market. Given the fact that the market is already at its dip, they don't stand to gain so much from this but, they would gain non the less. What I don't understand is,
Are you saying these whales have got a group, like a corporation that gets to agree and do this at once or its something that happens based on individual perceptions of the times by themselves.

Well there would always be government, gold holders and antibitcoins who sees bitcoin for a threat to all they stand for and would always promote the FUD less they find a common ground. Those who take them seriously will still do until they grow up.

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Quote from: borovichok on June 23, 2022, 03:11:09 AM

The market appears to be controlled by a small group of people, which is the opposite of what bitcoin was about.

Why do I never hear that in bull markets?

What happens with Bitcoin happens with other financial assets, and the stock market, for example, there are people who have more money, buy more and their movements influence the market more. But when those movements drive the price up, nobody complains.

If Bitcoin had stayed at "what was about" it would be a thing of a dozen cyberpunks using it to exchange goods and services between themselves and I doubt very much that the price would have gone over $1. Getting to $69k and beyond brings this: people with a lot of money putting a lot of money into it. And if they sell, the price goes down. Just like leveraged positions, which make the price go up faster but also faster down when they get liquidated.

ImThour

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Bitcoin Bottom was at $15.4k

You do realize that maybe they sent their Bitcoins to exchanges to make a Long trade with BTC as the margin?
It's not always about selling. On-chain data is not refined at all and is mostly very misleading. I would try to avoid looking at it as it gives wrong hopes.

bluebit25

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Quote from: qigong13 on June 25, 2022, 11:37:21 AM

snip
And what do you think when the miner deposited that 5,000 BTC into Binance also has the same thinking? ...

And then? You understand what the message means here, but the person who panicked last time was not me. Furthermore, I myself feel very safe with what I am holding. One thing that I have noticed after many years in this market is that when the bear market happens, news like this is always everywhere. It is not wise to deny the current economic situation. More realistically, profit is not for all when opportunities are given to us a lot but people cannot afford to take them.
In general, prices reflect how things are really going, one-sided inferences and create arguments that bring knowledge as well as confusion. Experience more so as not to blindly follow the news you read. There is a lot going on in this space.

amishmanish

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It seriously casts a doubt if we need some kind of buffer against this free fall. All those people who mined bitcoin are transferring their assets to few richies and god knows what these people will intend to do in future, will they dump our coins, or will they transform it into something more into a centralized alternative non government economic system. I have decided to stay put with my investments so far, I have full faith in the potential of bitcoin and it will rise again sooner than later

qigong13

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Quote from: bluebit25 on June 25, 2022, 05:46:54 AM

I'm sane enough to understand where 5000 BTC would be in this market right now. Yes, it's a big amount, but not really when it comes to impact. In this market, there are tons of whale shark deals that on such a scale can cause additional confusion. The current situation has been bleak as many coins have dropped in price since hitting ATH, but the next dumping issue I am looking at is the worsening economic situation, not an easy recovery.

And what do you think when the miner deposited that 5,000 BTC into Binance also has the same thinking? Whale, shark or whatever small fish in the pond as well. This is what set the market in bearish mode with any sign that seems normal could be interpreted as the next dip, a new low -> more sellers than buyers and more volatility. Just like this thread.

D ltr

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Quote from: borovichok on June 23, 2022, 03:11:09 AM

Since it was first created, Bitcoin has repeatedly died a thousand times, but it has continued to exist. Will there be another round of "Bitcoin is dead" propaganda from the government and gold holders?

the word dead is always spoken for BTC, but in fact BTC is always there even though there is a turbulence in value.
I think you have a goal so that beginners don't enter the market and create panic in beginners, try to be positive and get used to the situation that is happening to btc

darkangel11

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Don't let others control your BTC -> self custody

Days later and no dip. Money sent to exchanges means nothing.

Some sources even suggest that exchanges were buying the dip with their own money. Of course they deny it, but there's an issue.
https://forkast.news/headlines/binance-buy-bitcoin-founder-changpeng-zhao/

Chain analysis shows that balance on exchanges did not change. When someone sends their own coins to an exchange it affects the glassnode chart, but the chart showes something completely different. The balance on exchanges keeps falling and there was no increase when binance added them to their address.

A large part of the bitcoin market is wash trading. You're trading against exchange bots buying and selling their own coins and all charts including the mentioned balance on exchanges confirms it.
Karpeles was doing it, Chinese exchanges like OkCoin and Huobi were doing it in 2014 before they got caught by the authorities. I'm willing to bet exchanges are still cheating, they just got much better at it.

bluebit25

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I'm sane enough to understand where 5000 BTC would be in this market right now. Yes, it's a big amount, but not really when it comes to impact. In this market, there are tons of whale shark deals that on such a scale can cause additional confusion. The current situation has been bleak as many coins have dropped in price since hitting ATH, but the next dumping issue I am looking at is the worsening economic situation, not an easy recovery.

KingsDen

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Quote from: ChrisPop on June 23, 2022, 02:27:49 PM

The pressure of the miners could push the price lower, but the price will stabilize at one point as pressure lifts. These are just economic facts. Supply and demand. Do your dilligence and decide for yourself. Keep in mind that people have emotions. They can't control them. When they lose money, they panic. When they make a lot of money, they are enthusiastic, greedy and want to make more in fear of not missing out.

The pressure of miners could push the price lower, this right. Any pressure coming from major holders (whales, miners etc) will continue to pull the price lower. So it means that we need some effects, news, efforts that will stop bitcoin from going more low or drastically reverse it to bull. Who or which institution will do it for bitcoin at this daring time?
Something needs to be done so that the enemies of bitcoin will not be push it more down the drain.

LoyceV

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Quote from: stompix on June 24, 2022, 02:24:41 PM

Bruh common....
The difficulty alone as an indicator is meaningless when talking about security if you don't factor in the amount of money needed to overcome it.

That's easy too: the (dollar) value of Bitcoin has gone up much faster than halvings reduce the mining profit, so miners still earn more now than they did years ago.

Quote

Or let's see it in BTC, you needed 1.2 million BTC, now you need 600k BTC

If you have that much mining power, being honest is more profitable than pulling a 51% attack. It might become an issue far in the future, when the block reward is negligible, but by then it will depend on the total transaction fee per block (which may be much larger by then).
It's not something I worry about

stompix

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Quote from: LoyceV on June 24, 2022, 01:17:45 PM

Quote from: stompix on June 24, 2022, 12:05:42 PM

And while this halving stops miners from "draining" that much money it also halves the maximum possible security of the network.
So rather than that, I would say that the Bitcoin defense budget gets halved every 4 years. Grin

Lol. The difficulty suggests otherwise.

Bruh common....
The difficulty alone as an indicator is meaningless when talking about security if you don't factor in the amount of money needed to overcome it.

At the start of 2017 the hash rate was 2Exa, was the network at that time 100 less secure than now?
At the start of 2015 the hashrate was 200Peta, was it 1000 weaker?

All that matter is the amount of money you must spend to overcome it,
A while after Bitmain released the S9 you would only need 300 000 machines for a 51%, at of 2000$ a piece at launch, 600 millions.
To do this now you would need 2 million S19, at a cost of 6000, 12 billion.That's only 20x. Price went from $500 to 20k that's 40x..... Hmm, a halving. Wink

How many times do you think BTC will be able to do a 20x?

Or let's see it in BTC, you needed 1.2 million BTC, now you need 600k BTC

LoyceV

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Quote from: stompix on June 24, 2022, 12:05:42 PM

And while this halving stops miners from "draining" that much money it also halves the maximum possible security of the network.
So rather than that, I would say that the Bitcoin defense budget gets halved every 4 years. Grin

Lol. The difficulty suggests otherwise.

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Quote from: Lucius on June 24, 2022, 05:52:36 AM

I really don't know that information, but if you know how much BTC was sold to bring the price down to $17k feel free to share it Wink

Of course, I don't know the numbers but by telling on some information (that could be totally wrong), we could strat with the amount of bitcoins that have been sent extra to the cold hot wallets and cold wallets of exchanges during the drop, and the number shows only an increase of 100k in all coins stored on exchanges in the first two weeks of May (thanks Terra Angry

)and a 70k uptick during the June drop. Of course, not all of these could have ended being sold and at the same time probably a lot that was stored there could have been the target of the sale, at the same time a lot of the accumulation of coins happened after the event when people were rushing coins there and on the same time a lot was rushing cash.

Anyhow, my point is that a lot underestimate what the instant liquidation of 5000 would have but hopefully this will never happen, as there is no point in it other than intentionally harming the market.

Quote from: LoyceV on June 24, 2022, 03:11:34 AM

This is however what makes Bitcoin halvings so important: miners "drain" money out of the Bitcoin ecosystem by paying their hardware and electricity suppliers. Each halving means they have less Bitcoin to sell, which means this "drain" gets less every 4 years.

And while this halving stops miners from "draining" that much money it also halves the maximum possible security of the network.
So rather than that, I would say that the Bitcoin defense budget gets halved every 4 years. Grin

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Quote from: DeathAngel on June 23, 2022, 04:26:14 AM

We’re in a bear market so this is to be expected. The price is going to be bearish for a couple of years now. Miners can’t continue to operate at a loss for long so they have to sell at certain points. Don’t worry about it, we’ll be back in a new bull market 2 years from now.

Agree with this concern, The miners have suffered much more than the ordinary people because of the bitcoin dumping. Since their cost is so high,they will not hold bitcoin at the moment to minimize the loss. Normally they will be desperate to sell whatever the price. Already we have seen the reflection of that issue in the Binance Exchange. I think this is a normal process. The market may remain bearish for several years and will roar again.

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Quote from: stompix on June 23, 2022, 03:12:13 PM

If 5k is a drop in the ocean, then how many bitcoins have been sold on top of the usual trade volume to crash the price from 30k to 17k?
5 million? Grin

I really don't know that information, but if you know how much BTC was sold to bring the price down to $17k feel free to share it Wink

I just wanted to say that 5000 Bitcoins is a number that doesn’t play a big role in price formation unless those 5000 BTC would belong to Mr. Mars or Saylor - then that would be a completely different story. Sometimes it doesn't seem to matter how much is sold/bought, but who is behind those transactions. I wonder if we might soon hear that someone bought a larger quantity of BTC at the current sale - or will it remain a secret until some better times?

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Quote from: LoyceV on June 24, 2022, 03:11:34 AM

This is however what makes Bitcoin halvings so important: miners "drain" money out of the Bitcoin ecosystem by paying their hardware and electricity suppliers. Each halving means they have less Bitcoin to sell, which means this "drain" gets less every 4 years.

Halving events are all set by satoshi, we can not change it. Halving events are not new but just magic that every 4 years, we see halving effects.

Miners can be categorized as diamond miners with diamond hands; and speculative miners with very weak and soft hands. The type 2 miners usually sell most of their Bitcoin for monthly bills and in bear market, they will capitulate. After next halving, they will regret why they sold their Bitcoin in 2022 or previous years but they have no choice because of their leverage, bets on Bitcoin steady growth. Speculative miners usually can not resist against bear market.

LoyceV

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Quote from: NeuroticFish on June 23, 2022, 07:39:34 AM

I have the impression that it's you who's trying to spread "news" with potential to panic newbies.

I get the same feeling.

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As the others said, 5000BTC is not an amount that can make the markets go wild, especially if it's indeed from miners that try to cash in as good as they can.

Bitcoin miners create 6.25 Bitcoin every 10 minutes (give or take). That's 900 Bitcoin per day, and much more than 5000 Bitcoin in a week. Of course some/many of them sell some/much/all of the Bitcoins they create: they have bills to pay! And since most power companies and hardware suppliers don't accept Bitcoin, they'll need to exchange it for something else.
That's nothing new.

This is however what makes Bitcoin halvings so important: miners "drain" money out of the Bitcoin ecosystem by paying their hardware and electricity suppliers. Each halving means they have less Bitcoin to sell, which means this "drain" gets less every 4 years.

dansus021

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ay the miner send to binance pool or they sell off their bitcoin, if they only relocate the pool to binance that still fine but if they sell of their bitcoin are they gonna bankrupt their mining industry if we are using logic they might sell only couple bitcoin to cover up mining fees and try to get profitable from it not all in sell.

beside that 5000 BTC is whale transcation i saw it lot of times on whalebots

dataispower

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Quote from: borovichok on June 23, 2022, 02:52:52 PM

Quote from: DeathAngel on June 23, 2022, 04:26:14 AM

We’re in a bear market so this is to be expected. The price is going to be bearish for a couple of years now. Miners can’t continue to operate at a loss for long so they have to sell at certain points. Don’t worry about it, we’ll be back in a new bull market 2 years from now.

That's most likely following the next bitcoin halving in 2024? Can we at least anticipate 40k before the next bull run, even though I know it would be bullish? I don't believe we will see another 70k very soon if BTC doesn't go beyond 30k before the next halving

no one can tell exactly when next bullish will be experienced fully to the extent of reaching of 70k. If we are anticipating such that should be something that will manifest in years 2025 and 2026, because the level of bearish we are experiencing this time hold very strong and before it will break through maybe nothing serious will affect the market. I believe strongly that cryptocurrency market is going to rise as people expect in next three years coming, but we shall experience again 30k and 40k before this year and it will be rotating within such value until the year of 2022 runs out of the time

Topic: Another 5000 Miner BTC Sent To Binance- another dip? (Read 560 times)