Bitcoin Miner Activity Reaches Highest Level Since 2024 with 90,000 BTC Sent to Binance

Rising mining deposits at Binance indicate near-term supply pressure, despite the accumulation of whales during the dip.

Bitcoin miners have sent more than 90,000 BTC to Binance since early February, pushing miner inflows to the highest level since 2024, according to on-chain data shared by Arab Chain.

The surge in deposits comes amid heavy price swings and tense investor sentiment, adding to short-term pressure on the sell side, while other major investors moved in the opposite direction.

Miner sales are rising as volatility rocks the market

Data cited by Arab Chain shows Miner activity increased immediately after early February, with deposits of over 24,000 BTC recorded at Binance in one day alone. Such transfers often reflect miners converting some of their holdings to cover operating costs or lock in profits during volatile conditions, making these flows a gauge of potential supply on the sell side.

The timing is notable, as Bitcoin suffered a steep correction last week that briefly pushed prices below $60,000 for the first time since October 2024, extending a more than 50% decline from the last all-time high, according to analysis. posted from Darkfost.

During that period, nearly 241,000 BTC flowed to exchanges across the market, with Binance seeing especially heavy activity from short-term holders. Darkfost described these flows as consistent with capitulation, especially among investors reacting to rapid losses.

Shopping behavior also changed with Darkfost noticing that holders with less than 1 BTC, often referred to as ‘shrimp’, significantly increased transfers to Binance after the sell-off. On February 5, their daily inflows exceeded 1,000 BTC, well above the monthly average of around 365 BTC. However, that spike subsided as prices stabilized, indicating that selling pressure from this group subsided as Bitcoin recovered above $70,000.

Whales are accumulating as the price remains stable around $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 decline, with nearly 67,000 BTC moving to long-term accumulator addresses in one day, the largest inflows of this cycle.

You might also like:

The price action since then has reflected that tug-of-war, with Bitcoin now trading at just over $70,000 per CoinGecko, a figure that is up about 1% on the day but is still down almost 8% over the past week and down more than 22% over the past 30 days. The recovery followed a sharp decline from the mid-$80,000s, part of a broader decline that erased gains after the US election and dragged major altcoins down double digits.

Sentiment remains fragile, a condition highlighted by the Bitcoin Fear and Greed Index, which fell to its lowest level since 2019 even after prices climbed from lows. As things stand, the increased influx of miners indicates that supply continues to hit the market, while the accumulation of whales and reduced retail sales suggest that the selling pressure is no longer one-sided, with BTC trying to stay above $70,000.