Arab Chain
Binance data indicates that since October 9, miners have deposited a total of 51,000 Bitcoins
The latest data from Binance indicates that since October 9, miners have deposited a total of 51,000 Bitcoins, valued at over $5.7 billion. Miner inflows surged significantly on October 11, recording more than 14,000 Bitcoins the highest level since last July coinciding with Bitcoin’s price drop toward $110,000. When miners deposit large amounts of Bitcoin into an exchange like Binance, they are essentially moving their coins from wallets designated for storage or mining to a platform where they can be easily sold or hedged. Sometimes, miners also deposit coins to use them as collateral for derivatives contracts or financing purposes. In some cases, these deposits are purely technical reallocations transfers between wallets linked to mining entities and exchanges for regulatory or operational reasons. The deposit of 51,000 Bitcoins within seven days represents a clear shift in miner behavior from holding to selling or liquidating. This typically puts pressure on the price, as miners are historically among the largest Bitcoin holders. When they begin transferring their coins to exchanges, it often precedes a correction or a market downturn. Nevertheless, the increase in Bitcoin’s price despite these deposits may suggest that demand from institutions or ETFs is offsetting the additional supply coming from miners.