The BTC price plunged after the US institution CFTC sued crypto exchange Binance and its CEO, Changpeng Zhao, for violating the law. While the cryptocurrency market is currently facing liquidity problems, there are concerns that this action against Binance will exacerbate the liquidity problem.
After all these events, the Bitcoin sales of the miners gained momentum. Bitcoin Miners Exchange Flow, a metric that measures the amount of BTC transferred from miners to cryptocurrency exchanges, shows that miners transferred approximately 1700 BTC to cryptocurrency exchanges on Tuesday. This increases the selling pressure on Bitcoin.
It also stands out as the second biggest sale by miners so far this year, after the sale of nearly 3,000 BTC on January 19. On the other hand, the chart below shows the daily change in the amount of BTC transferred from the mining pool Binance Pool to the cryptocurrency exchange Binance. The chart reveals that the flow of BTC from the pool to the stock market is accelerating, confirming the above situation.