Recent large #Bitcoin miner outflows went to exchanges. 🧵

The BTC was from mining pool 1THash.
1. Two txs: one on Jan 17 for 2,396 BTC and another on Jan 19 for 3,336 BTC.
2. The 3,336 BTC went straight into Binance.
3. 1THash reserves are now zero. 2,256 BTC out of the 2,396 BTC in the first tx went to address 1BRuc4qkCy7H1mxn4h3ekXSAQERvrGSF8, which then sent them to other 2 addresses and finally ended on Binance (chart made with breadcrumbs).

Where can additional selling pressure come from after this recent #Bitcoin price drop?

Miners. 🧵

Indeed, we are seeing higher flows from miners to exchanges currently. Bitcoin miners revenue is at fresh all-time lows.
In the past few months some mining companies have been under heavy financial stress.

Crypto market volatility has gone up tremendously in the last few days amid the FTT/FTX downfall.

How are stablecoins doing in this environment? 🧵

Tether's price shortly declined to $0.97 today as redemptions surpass $600M in the last 2 days. USDC's (Circle) price has also seen a lot of volatility in these few days as redemptions top $1B. Price retains peg.

How is #Bitcoin doing at the end of 2021?
Some of the indicators I use, 🧵 below.

1/18

Consecutive days above:
$40k at all-time-high of 148 days, $50k and $60k reset to 0 days. 2/18
Cumulative-days-above, $40k now well above 200 days.