Ki Young Ju, CEO of CryptoQuant, believes the recent Bitcoin price dip and overall market dip is due to capitulation by an unknown Bitcoin mining pool.
His claims were contained in a series of tweets from his Twitter handle. According to Ki Young Ju, major mining pools usually send Bitcoin to cryptocurrency exchanges periodically. But the unknown Bitcoin mining pool, which accounts for the 5th largest hash rate only move their Bitcoins when the price reaches the top.
Unknow Bitcoin Mining Pool also Capitulated on May 20th
Ki Young Ju, also tweeted that the unknown Bitcoin mining pool did capitulate on May 20th.
Capitulated on May 20 as well pic.twitter.com/tgc10f3zEO
— Ki Young Ju (@ki_young_ju) June 2, 2020
The unknown mining pool moved 10,571 Bitcoin out of its Treasury on May 20th. He strongly believes that this mining pool usually sells Bitcoin in its inventory when the price reaches the top.
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Qrypto Central’s View on Bitcoin Price Dip
But as related to all Bitcoin price movements, one cannot really say if the whole market dip was caused by this unknown mining pool selling. Although there have been claims that miners are selling more Bitcoin than they actually mine.