According to on-chain trackers, bitcoin miners have moved a huge amount of coins to a major exchange in recent days, signaling a clear change in behavior that the market will watch closely.
Reports have disclosed miner transfers totaling 51,000 BTC — worth over $5.7 billion — to Binance since October 9. That is a very large flow of supply into a place where coins can be sold quickly.
Based on data, the outflow on that day was the biggest miner transfer since last July. Market participants often read such moves as a tilt from holding toward selling, and that shift can change short-term sentiment fast.
Binance Data Indicates That Since October 9, Miners Have Deposited a Total of 51K Bitcoin
Still, the market tends to react quickly to visible supply flows. Traders may act on that visible movement even if the coins are not sold right away, increasing price pressure through trading behavior alone.
In addition, US spot Bitcoin ETFs have recorded inflows. Those buyers could soak up some of the miner-supplied coins and limit how far the price falls.
Bitcoin had hit an all-time high of $126,250 on October 6, so the pullback has been sharp and fast. For the week to Oct. 12, bitcoin slid as much as 6.5%, the largest weekly fall since early March.
Analysts put a key support near $107,000. A firm break below that level could invite deeper losses, they warn. On the flip side, steady buying by large holders and continued ETF demand might keep the market from sliding much further. The tug of war is plain: miners adding potential supply versus big buyers taking the other side.
Featured image from Unsplash, chart from TradingView
