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16/10/25 16:55 UTC-04

Since October 9, miners have sent 51,000 BTC worth $5.6 billion to Binance

Mining Mining
Mining Since October 9, miners have sent 51,000 BTC worth $5.6 billion to Binance

According to CryptoQuant, since October 9, roughly 51,000 bitcoins have been transferred from miners’ wallets to Binance. During this period, the total value of their deposits exceeded $5.6 billion in BTC.

A sharp increase in miner deposits on crypto exchanges is generally viewed as a bearish signal for Bitcoin, indicating that miners are selling part of their holdings.

Interestingly, just a month ago miners were accumulating Bitcoin, despite rising operational costs and shrinking profit margins.

In October, a drop in daily transaction fees on the Bitcoin blockchain further reduced miner revenues.
Additionally, on Thursday, Bitcoin’s price fell below $110,000, moving into the $108,000 range.

However, miners aren’t the only ones selling — amid market turbulence, there was also a significant outflow from Bitcoin exchange-traded funds (ETFs), totaling over $108 million this week.

Despite that, market optimism remains high: Bitcoin options traders have placed more than $1.7 billion in bets that the cryptocurrency will surpass $130,000 by the end of the year.

Participants on Polymarket are equally bullish, estimating a greater than 50% chance that Bitcoin will reach that price before year’s end.

See also: "BlackRock–Nvidia deal to boost mining efficiency by 160%"

#Bitcoin (BTC) #Mining #Binance

Editor: Godfrid Brower
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