Crypto Gaming Sector Hit Hard: Nexo Outperforms in SEC Lawsuits

• June 3 saw the largest miner transfer to exchanges in four years, with around a third of the volume coming from a single mining pool.
• Analyzing miner-to-exchange flows is crucial for understanding market sentiment, particularly when evaluating whether miners are liquidating or accumulating.
• A surge in Bitcoin inflows to exchanges has historically preceded an increase in sell orders, often leading to price slumps as the selling pressure increases.


On June 3rd, miners transferred a large amount of BTC to exchanges, sparking debate about the source of these inflows and their potential impact on the market. Data from Glassnode showed that just over 2,606 BTC was transferred on June 3rd, making it the highest transfer since March 26th 2019.

Impact on Market Sentiment

Analyzing miner-to-exchange flows is essential for understanding market sentiment, especially when examining if miners are liquidating or accumulating. Historically, an increase in Bitcoin inflows to exchanges has caused increased sell orders which can cause a slump in prices due to increased selling pressure.

Source of Outflow

CryptoSlate analysis found that Poolin was the primary driver behind the massive outflow. Poolin is one of the largest mining pools and accounts for approximately 10% of all Bitcoin hash rate globally.

SEC Hostilities

The SEC’s hostility towards tokens listed in their lawsuits had seen Bitcoin dominance rise by 6%, reaching 111 weeks high at press time according to CoinGecko and other data aggregators. This could be indicative of investors shying away from riskier assets such as altcoins and moving back into safer bets such as Bitcoin due to regulatory uncertainty created by recent actions taken by regulators against certain crypto projects such as Telegram’s Gram token sale and Ripple’s XRP token sale among others.


The massive outflow from miners has raised questions about its implications for market sentiment and overall prices going forward. While it remains unclear what transpired behind the scenes on June 3rd regarding this matter, it is clear that regulatory actions will continue to have a significant impact on investor confidence which may lead them back into safe havens such as Bitcoin rather than riskier investments like altcoins while uncertainly persists within the industry overall

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