Bitcoin Miner Selloff: BTC.com Pool Sent 186,000 BTC To Binance In October

On-chain data shows the Bitcoin mining pool ￰0￱ deposited a huge amount of the cryptocurrency to Binance in ￰1￱ Mining Pool Has Potentially Been Selling Bitcoin This Month As explained by an analyst in a CryptoQuant Quicktake post , Bitcoin miners connected with ￰2￱ have made large transactions to Binance ￰3￱ on-chain metric of interest here is the “ Miner to Exchange Flow ,” which measures the total amount of the cryptocurrency that’s flowing from miner-related wallets to a given centralized ￰4￱ the context of the current discussion, the version of the metric that’s relevant is the one involving only the wallets connected to the ￰5￱ mining pool on the sending side and Binance as the receiver.

Generally, the main reason miners transfer their coins to exchanges is for selling-related purposes, so a spike in the Miner to Exchange flow can indicate that this cohort is participating in distribution. Now, here is the chart shared by the quant that shows the trend in the Bitcoin Miner to Exchange Flow for ￰6￱ and Binance over the past month: As displayed in the above graph, the Bitcoin Miner to Exchange Flow for ￰7￱ and Binance fluctuated during the past month, with a few large spikes coming in mid-October. Interestingly, these spikes all came around local bottoms in the asset’s price, indicating that miners part of the pool may have been panic ￰8￱ total, this cohort transferred 186,000 BTC (currently worth a whopping $19.9 billion) to Binance over the past ￰9￱ have to pay off constant running costs in the form of electricity bills, so distribution from them tends to happen on the ￰10￱ selling usually gets readily absorbed by the ￰11￱ of extraordinary selling pressure from the cohort, however, can be a bearish sign for ￰12￱ chain validators aren’t the only ones that have been participating in selling ￰13￱ pointed out by on-chain analytics firm Glassnode in an X post , long-term holders (LTHs) , investors holding coins for a period longer than 155 days, have also been on the ￰14￱ the chart, it’s visible that the Bitcoin LTHs were spending about $1 billion per day (7-day average) in mid-July, and by early October, that figure rose to $2 to $3 billion per day.

“Unlike previous high-spending phases in this cycle, this distribution regime has been gradual and persistent, rather than marked by a sharp spike,” noted the analytics ￰15￱ Price Bitcoin has suffered a bearish blow during the last 24 hours as its price has plunged by almost 4%.