Friday Pullback? Biggest Bitcoin Mining Pool Sends 800 BTC to Binance
CryptoQuant warns that a sell-off from Poolin may accentuate downward Bitcoin price pressure in the short term. Bitcoin (BTC) may have recovered to $11,700 but miners could soon spark a price plunge, data warns.
In an update on Aug. 14, on-chain monitoring resource CryptoQuant identified a spike in mining pool outflows.
BTC price: CryptoQuant expects “little pullback”
Aftering remaining stable this month, mining pool outflows have begun to grow, with 802 BTC in aggregated flows recorded by CryptoQuant on Friday. Describing the event as “unusual” in an automated alert, CryptoQuant noted that if the Bitcoin leaving pools was being sent to an exchange, selling pressure could quickly mount, pushing down price.
Alternatively, an over-the-counter transaction popular in China, home to many major mining pools, would avoid negative price repercussions. In the event, 800 BTC from Poolin — responsible for the lion’s share of newly-mined BTC over the past several days — ended up at Binance.
“I expect a little pullback,” CryptoQuant CEO Ki Young Ju commented on Twitter.
In comments to Cointelegraph, Ki equated the shipment of BTC to roughly one week’s activity for Poolin.
“They mined 147 blocks this week, and the average BTC for block reward is 6.25. So It's like what they mined per week,” he summarized.
Miner revenue cancel out halving impact
Miners’ financial health has staged a comeback in recent weeks, with revenue returning to pre-halving levels in April. The halving itself cut supply dramatically, fuelling anticipation of major institutional buy-ins boosting price performance further this month.
Previously, a basket of factors had persuaded Cointelegraph Markets analysts to double down on bullish sentiment. On Thursday, filbfilb highlighted technical and macro signals pointing upwards, including a rebound for “highly correlated” gold and silver.
“We are still in an uptrend so I should lean on the side of bullish,” he told Telegram subscribers.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84.4% | 25 | $64 271.38 | -3.73% | 5.15% | $1 265 496 450 332 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.2% | 49 | $3 157.43 | -3.05% | 6.22% | $385 358 557 927 |  |
|
| 3 |  USDT |
Tether predictions | 90.8% | 1 | $0.999852 | -0.02% | -0.04% | $110 447 216 461 |  |
|
| 4 |  BNB |
Binance Coin predictions | 87.2% | 18 | $606.93 | 0.03% | 10.61% | $89 575 802 259 |  |
|
| 5 |  SOL |
Solana predictions | 67.6% | 71 | $147.40 | -6.86% | 12.67% | $65 893 442 380 |  |
|
| 6 |  USDC |
USD Coin predictions | 91.2% | 2 | $1.000087 | 0.01% | 0.02% | $33 443 613 205 |  |
|
| 7 |  XRP |
XRP predictions | 69.6% | 62 | $0.527628 | -4.06% | 6.49% | $29 087 702 292 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 72.8% | 60 | $0.151351 | -6.56% | 2.44% | $21 798 428 537 |  |
|
| 9 |  TON |
Toncoin predictions | 66% | 66 | $5.47 | -7.58% | -7.01% | $19 006 158 758 |  |
|
| 10 |  ADA |
Cardano predictions | 65.2% | 72 | $0.477013 | -6.07% | 7.91% | $16 997 831 280 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 64% | 82 | $0.000025 | -7.12% | 14.30% | $14 877 091 584 |  |
|
| 12 |  AVAX |
Avalanche predictions | 67.6% | 66 | $35.76 | -9.52% | 3.68% | $13 516 558 275 |  |
|
| 13 |  STETH |
Lido stETH predictions | 94.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  DOT |
Polkadot predictions | 70.8% | 64 | $6.96 | -6.08% | 4.48% | $10 002 091 467 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 86.8% | 19 | $0.114186 | 0.76% | 4.40% | $9 999 796 730 |  |
