Bitcoin miners are cashing out en masse, data claims

According to data from analytics platform CryptoQuant and Glassnode aggregator, Bitcoin miners are offloading their stash en masse. Meanwhile, the Poolin miner pool has recorded the largest BTC sale so far this year.

Thanks to a recent tweet from Tesla’s CEO Elon Musk, Bitcoin has resumed its downward trend after trying to reclaim $40k. Charts provided by Glassnode and CryptoQuant suggest that Bitcoin miners have continued to sell the digital asset. Specifically, all the charts on CryptoQuant show that Bitcoin mining outflows are on the rise – from Small Miners Outflow to All Miners Outflow. The data also includes particular mining pools such as BTC.com and Antpool.

As per the data provided, the largest amount of Bitcoin was moved from the wallet of the Poolin mining pool on June 3. 3,271 Bitcoins valued at $199,916,822 at current market prices were transferred from the pool. The CIO of Moskovski Capital has called this the largest BTC outflow in 2021.

Furthermore, a recently published Glassnode chart reveals that Miner’s net flow volume (7-day MA) has dropped to a 3-month low of -16.108 BTC.

Speaking of Elon, the CEO tweeted a meme of two lovers breaking up. Crypto Twitter arguably interpreted the tweet as a clue that Tesla was going to dump its Bitcoin stash. Following the tweet, the price of Bitcoin dropped by over 3%.