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

The increase in miner deposits on Binance is a signal of near-term pressure despite the accumulation of whales during the dip.

Bitcoin miners have sent more than 90,000 BTC to Binance since the beginning of February, pushing the exchange’s influx of miners to the highest level since 2024, according to on-chain data shared by Arab Chain.

The increase in deposits comes amid a period of high price volatility and concentrated investor sentiment, adding to short-term selling pressure as some major holders move in the opposite direction.

Miner Sales Rise As Volatility Shakes Market

Data cited by Arab Chain shows miner activity rapidly increasing after the start of February, with one day alone recording more than 24,000 BTC deposits on Binance. Such transfers often show miners converting part of their assets to pay operating costs or lock in profits during volatile conditions, making this flow a supply gauge to the potential sell side.

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 decline of more than 50% from the last high, according to analysis posted by Darkfost.

During that window, approximately 241,000 BTC flowed into trading across the market, with Binance seeing heavy activity especially from short-term holders. Darkfost described this flow as consistent with holdings, particularly among investors reacting to immediate losses.

Trading behavior also changed, when Darkfost noted that owners with less than 1 BTC, often called “shrimps,” significantly increased transfers to Binance after the sale. On February 5, their daily inflow reached 1,000 BTC, more than the monthly average of about 365 BTC. However, that growth slowed as prices stabilized, suggesting that selling pressure from this group is waning once Bitcoin gets above $70,000.

Whales Accumulate as Price Steadies Near $70,000

While miners and small holders send coins to exchanges, large holders take a different approach. Analyst CW8900 reported on February 8 that whales accumulated strongly during the downturn, with about 67,000 BTC moving to long-term accumulator addresses in one day, the largest influx of this cycle.

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The price action since then reflects that pullback, with Bitcoin now trading at just over $70,000 per CoinGecko, a figure that is up about 1% on the day but down about 8% over the past week and over 22% over the past 30 days. The rally followed a sharp decline from the mid-$80,000 range, part of a broader slide that erased gains made after the US election and dragged down major altcoins by double digits.

Sentiment remains volatile, highlighted by the Bitcoin Fear and Greed Index, which has fallen to its lowest reading since 2019, even after prices have come off their lows. As things stand, the influx of top miners points to continued supply hitting the market, while the accumulation of whales and reduced sell-offs suggest that the selling pressure is no longer one-sided, with BTC trying to hold above $70,000.