Bitcoin price has been steadily rising over the past six months due to the narrative impact of the spot ETF, and right before a recent turning point, the world’s third-largest Bitcoin mining pool, F2Pool, appears to have started dumping 2,000 BTC.
Background:
Bitcoin decentralized destruction? F2Pool was exposed to “reviewed transactions” and included in the US Treasury Department’s blacklist.
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 critical moment of whether the SEC will approve it this week, the Bitcoin price is hovering around $43,500.
Did the Bitcoin mining pool start dumping?
According to online data, F2Pool, the world’s third-largest Bitcoin mining pool, has sent approximately 1,000 BTC, worth about $44 million, to the cryptocurrency exchange Binance in batches over the past seven hours. During these seven hours, the Bitcoin price also experienced a drop of $1,000, a decrease of 2.3%.
Source: Lookonchain
What’s worth noting is 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 for F2Pool this month, with a total of 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 currently a large accumulation of short positions. Many bearish investors believe that if the Bitcoin spot ETF is approved, the Bitcoin price is likely to experience a decline. There are billions of dollars of short liquidation prices falling within the range of $44,500 to $45,200.
It is understood that the heat map is a chart used to display the intensity of liquidation events that may occur 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 have higher risks and make wiser trading decisions.
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