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A huge 4,400 BTC was just delivered to Binance by a miner. In the previous two months, this appears to be the fourth-largest transaction between miners and exchanges. The analysis also suggests that Bitcoin may already be around the bottom zone, albeit there are no immediate indications of when the next bull market would start.
Following are a few of the most important points regarding the news:
- A miner sent 4,400 BTC to Binance. This specific transaction was made by Poolin. Poolin is a well-known BTC mining company.
- This is the fourth-largest transaction from miners to exchanges over the previous two months. This data has been collected through a lot of sources.
- There were few other transactions whose size was comparable to this before it. The transactions occurred on May 12 of 2,600 BTC, June 16 of 4,700 BTC, and June 22 of 5,700.
Bitcoin Reaching the Bottom Zone
Another expert observes that the downturn is still being sustained at the moment. He did, however, concede that the MVRV signal indicates that Bitcoin has already reached the bottom zone. According to the analyst, using the adjusted output profit ratio, a lengthy period of realization below base cost encounters difficulty turning a profit during a down market. This happens as a result of network users’ attempts to leave the market by canceling out their losses.
During moments of recovery inside a negative central trend, this sort of movement results in the majority of currencies being sold again at their average price. According to the expert, the downtrend may be proved to have broken when these successes begin to occur with significant profit, sending the market to expressive highs.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
