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Poolin sent over 5K Bitcoin to exchanges since May 30 Poolin sent over 5K Bitcoin to exchanges since May 30 James Van Straten · 1 year ago
Insights Bitcoin

Poolin sent over 5K Bitcoin to exchanges since May 30

The Poolin mining pool signals further distress as its BTC to exchanges count continues to climb.

James Van Straten / @jvs_btc / Jun. 9, 2023 at 10:24 am UTC

Quick Take

  • On June 5, CryptoSlate reported that a high volume of Bitcoin was being sent from miner balance to exchanges.
  • Further analysis has confirmed a significant proportion of the miner outflow is attributable to the Poolin miner pool.
  • Poolin sent 1,200 Bitcoin to Binance yesterday. This takes their total BTC outflow to 5,800 since May 30.
  • CryptoSlate had previously reported that Poolin was experiencing distress, leading to a 94% decline in their hash rate from all-time highs.
Miners to exchanges: (Source: Glassnode)
Miners to exchanges: (Source: Glassnode)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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