Miners sent a total of 210,000 BTC to the exchange in October, while 122,000 coins flowed into Binance last week. This deposit signals the preparation for final profit taking, putting further pressure on BTC price.
Miners increased selling pressure on BTC, transferring a total of 210,000 BTC to exchanges in October. Inflows have accelerated over the past two weeks, making Binance the exchange of choice. Although BTC is still relatively scarce on exchanges and OTC desks, miners are looking to lock in profits.
Binance’s BTC supply shows an increase in miner inflows since October 16th, with an additional 108,000 BTC added to the exchange’s balance. The sell-off occurred at a time when mining stocks were making a comeback. exceeded BTC is expected to grow as the asset is priced based on its AI computing potential.
The general decline of BTC by miners further accelerates
The market should now absorb up to $10 billion in BTC. Multiple funds were flowing into the exchange, with some whale-sized deposits exceeding 10,000 BTC on some days.
This deposit coincided with BTC falling from its peak of over $126,000. In early November, BTC once again showed bearish signs, dropping to $107,401.
Reported miner reserves are 1.89 million coins, down from over 2 million coins over the past year. The sale of miners may be related to the recent pivot away from mining as the sole source of income to AI data centers.
The current BTC sale comes after a period when miners were producing coins at a loss, waiting for a more favorable sell-off moment. As of November, the miners have been out of pain for weeks and have not suffered any additional damage. hash ribbon indicator.
Spot market net flows show buyers are absorbing BTC deposits
Despite recent market deposits, the overall trend of low foreign exchange reserves continues. BTC will be redirected to a new wallet and will show signs of accumulation even during spot sales. However, in the short term, Selling BTC It can shake up the market, cause liquidations, and worsen overall sentiment.
Spot exchanges hold over 941,000 BTC and are on the decline. BTC net flows have been negative over the past month, indicating that deposits have found sellers, leading to a net accumulation of excess $4.5 billion In October BTC.
Additionally, the exchange saw over $4 billion in revenue USDT Net inflows are expected in October, potentially setting the stage for new purchases and a new price cycle.
Based on recent trades, the BTC market is showing signs of fear. However, there are still no signs of spot panic selling or capitulation like in previous cycles.
As BTC open interest continues to decline to approximately $32 billion, the importance of the spot market is increasing. The lack of clear direction has increased risk in the derivatives market and led to a shift to spot trading.
BTC traders remain cautious as BTC has fallen below its 200-day moving average of $109,000. At this stage, while the possibility of a recovery in BTC price is being watched closely, a fall below $100,000 is also expected.
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