After Bitcoin’s plunge, what details are worthy of attention?

on the evening of June 2, Bitcoin plunged nearly $600 in 5 minutes. The price plummeted from above $10,000, and the lowest value reached $9,300. $347 million. After Bitcoin’s plunge, the relevant data showed some details that deserve attention.

Bitcoin’s plunge coincides with the massive outflow of funds from unknown mining pools

Beincrypto quoted CryptoQuant data that the bitcoin price drop on May 20 and June 2 coincided with the large outflow of funds from unknown mining pools.

After the block reward is halved, miners running inefficient miners are selling their bitcoins. “The on-chain data analysis platform ByteTree shows that last week bitcoin miners sold 11% more bitcoin than the same period of output. On May 20, bitcoin fell by more than $700, a 7% drop in 24 hours. “On June 2, the unknown mining pool moved thousands of bitcoins again.

On the day of BTC’s plunge, Grayscale increased its holdings of $151.3 million in Bitcoin

Weibo Finance blogger BeatleNews said that according to the official data released by Grayscale, Grayscale’s Bitcoin Trust (GBTC) increased its holding of Bitcoin worth $151.3 million in one day. If calculated according to the average price before and after the plunge (refer to Coinbase data), Grayscale bought about 15540 bitcoins yesterday, and up to 16316 bitcoins. A common practice by institutions is to sell call options. If the price falls to make up for the spot, the simple thing is that the institution wants cash flow. After the price falls, it uses the retail subsidies to get the bottom.

According to Mars Finance’s previous report, since 2020, Grayscale has continuously increased its holdings of cryptocurrencies. An independent research report released by Reddit users pointed out that the number of bitcoins held by Grayscale increased from 283192 on February 7 to 343594 on May 17. In addition, since the halving, the Gray Trust’s Bitcoin Trust (GBTC) has increased its holdings of 18,910 bitcoins, which is 150% of the total amount of miners mined in the same period.

Although the increased investment interest of the institution has helped to push up the price of Bitcoin, some investors still expressed concern. They believe that at the current rate of grayscale hoarding coins, it may become the largest bitcoin holder. If this situation is maintained until the end of next year, gray-scale token holdings will be as much as that of Satoshi Nakamoto. If they start to sell off their assets, it may cause the currency price to plummet.

BitMEX CEO: Bitcoin rises to US$15,000 before confirming the rebound is effective

Before Bitcoin’s plunge, BitMEX CEO Arthur Hayes tweeted that despite the impressive performance of Bitcoin in the past few weeks, the futures market has begun to show that the bulls are under control, but this kind of rebound was not until Bitcoin rose to $15,000. real.

As of press time, Bitcoin was quoted at US$9,500, down 5.97% in 24 hours.

More story: https://0xzx.com/bitcoin/

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