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Miners in Binance Pool Continue to Sell
Recent miner netflows have turned sharply negative, showing that miners are sending significant amounts of BTC from Binance Pool to exchanges. Such movements typically indicate that miners are preparing to sell or actively selling. At the same time, Bitcoin has dropped steeply from around $120K to $81K. These aggressive miner outflows have clearly increased market selling pressure. When miners keep selling despite falling prices, it usually signals stress. Normally, miners avoid selling in downturns because their profitability shrinks. If netflows remain deeply negative and even intensify, it suggests miners may be liquidating to cover operating costs. This tends to accelerate price declines. Additionally, when hashrate drops and inefficient rigs shut down, miners are often forced to convert holdings into cash, adding further pressure. In practice, miner BTC enters exchanges, sellable supply increases, liquidity weakens, spot price falls, and leveraged positions get liquidated creating a cascading downturn. Bitcoin Current Miner Cost Zones With BTC at $83K, many older rigs are now unprofitable. Small scale or high electricity cost miners (especially in parts of Asia and Europe) face production costs around $95K–$120K, which makes panic selling expected. Mid tier machines have break even costs around $75K–$90K, meaning a sustained move below $80K could push this group into forced selling, prolonging downward pressure. The most efficient, large scale miners remain profitable in the $55K–$70K range. This zone is likely where a broader market bottom could form if the downturn continues. I think the bottom of the bear season will be around $55K for Bitcoin. Overall, the global average production cost sits around $78K–$82K, a highly critical zone. The more Bitcoin trades below this band, the stronger the structural miner driven sell pressure becomes, amplifying negative netflows and making price stability harder to maintain.