Bitcoin Miner Activity Hits Highest Level Since 2024 with 90K BTC Sent to Binance

Bitcoin miners have sent more than 90,000 BTC to Binance since early February, pushing miner exchange inflows to their highest level since 2024, according to on-chain data shared by Arab Chain. The rise in deposits comes during a period of heavy price swings and stressed investor sentiment, adding to short-term sell-side pressure even as other large holders moved in the opposite direction. Miner Selling Rises as Volatility Shakes the Market Data cited by Arab Chain shows miner activity picking up immediately after the start of February, with one day alone recording deposits of over 24,000 BTC to Binance. Such transfers often reflect miners converting part of their holdings to cover operating costs or lock in profits during volatile conditions, making these flows a gauge of potential sell-side supply. The timing is notable, as Bitcoin experienced a steep correction last week that briefly pushed prices below $60,000 for the first time since October 2024, extending a drawdown of more than 50% from the last all-time high, according to analysis posted by Darkfost. During that window, nearly 241,000 BTC flowed into exchanges across the market, with Binance seeing especially heavy activity from short-term holders. Darkfost described these flows as consistent with capitulation, particularly among investors reacting to rapid losses. Retail behavior also shifted, with Darkfost noting that holders with less than 1 BTC, often referred to as “shrimps,” heavily increased transfers to Binance after the sell-off. On February 5, their daily inflows topped 1,000 BTC, far above the monthly average of around 365 BTC. However, that spike eased as prices stabilized, suggesting selling pressure from this group faded once Bitcoin recovered above $70,000. Whales Accumulate as Price Steadies Near $70,000 While miners and smaller holders sent coins to exchanges, large holders took the opposite approach. Analyst CW8900 reported on February 8 that whales accumulated aggressively during the d...