Bitcoin price has been rising steadily over the past six months due to the narrative of a spot ETF, and just before the recent watershed moment, F2Pool, the world’s third-largest Bitcoin mining pool, appears to have started dumping 2,000 BTC.
Background:
Is Bitcoin’s decentralization collapsing? F2Pool is suspected of “censoring transactions” and being blacklisted by the US Department of the Treasury.
Since the second half of last year, led by asset management giant BlackRock, many institutions have applied to the SEC for a Bitcoin spot ETF. Encouraged by this, BTC also surged from around $25,000 to a peak of $45,000. Now, as we enter the crucial moment of whether the SEC will approve it this week, the price of Bitcoin is hovering around $43,500.
Is the Bitcoin mining pool dumping?
According to on-chain data, F2Pool, the world’s third-largest Bitcoin mining pool, has sent a total of 1,000 BTC, worth about $44 million, to the cryptocurrency exchange Binance in batches over the past 7 hours. During the same 7 hours, the price of Bitcoin also experienced a sharp drop of $1,000, a 2.3% decline.
Source: Lookonchain
It is worth noting that two days ago, F2Pool also transferred 1,000 BTC, worth about $43.81 million, to the cryptocurrency exchange Binance, making it the largest transfer by F2Pool this month, totaling 2,000 BTC in two days.
Suspicion of dumping 2,000 BTC in two days
Air Force liquidation price between $44,500 and $45,200
In addition, according to Coinglass’s heat map, there is a large concentration of short positions currently. Many bearish investors believe that if the Bitcoin spot ETF is approved, the price of Bitcoin is likely to experience a decline. There are billions of dollars in short liquidation prices ranging from $44,500 to $45,200.
It is understood that a heat map is a chart used to display the intensity of potential liquidation events at different price levels. It represents different liquidation risks through different colors. For example, the closer the color is to yellow, the higher the probability of liquidation at that price level. Traders can use this tool to determine which price levels are higher risk and make more informed trading decisions.
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