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Bitcoin miner selling pressure has eased sharply, with BTC inflows from miners to Binance falling to levels last seen in mid-2023. The shift matters because miner distribution is a persistent source of structural sell-side pressure, and the latest readings suggest that pressure has temporarily weakened.
In a post on X on Sunday, CryptoQuant contributor Darkfost said the monthly average of BTC inflows from miners to Binance has fallen to roughly 4,316 BTC. Measured across all exchanges, the figure rises only slightly to 4,381 BTC, indicating the slowdown is not confined to a single trading venue.
Darkfost linked the change to a brief spike earlier this year tied to extreme weather in the United States. He said miner inflows increased during the ice storm that hit the country in late January and early February, when several large US-based mining pools were forced to scale back or temporarily suspend operations. In his view, the disruption likely led to heavier BTC sales as miners worked to cover ongoing expenses despite reduced output.
Since then, the trend has reversed. Darkfost said current inflows have fallen to historically low levels, noting that a similarly weak reading for miner transfers to Binance was last seen on June 5, 2023.
The broader implication is that miners are sending less BTC to exchanges, which typically points to reduced selling into the market. Darkfost described the decline as constructive, arguing that the drop in inflows suggests miners have significantly reduced their BTC sales and that structural selling pressure from this cohort may be temporarily easing.
However, he cautioned that the risk has not disappeared. Darkfost estimated that miners still hold around 1.8 million BTC in reserves—enough to matter if distribution accelerates again. In other words, weaker selling is supportive, but it does not eliminate the possibility of a future supply overhang.
The miner data also comes alongside signs that Bitcoin is attempting to rebuild a firmer base among short-term holders. Darkfost said the market has spent nearly a month stabilizing above the cost basis of the youngest short-term holder cohort, the 1-week to 1-month group. That cohort’s estimated breakeven level is 68,200, making it the only short-term segment currently around flat.
Higher up the short-term ladder, the cost bases are steeper: the 1-month to 3-month cohort has an estimated cost basis of 83,500, while the 3-month to 6-month group sits at 96,900. Darkfost said the 1-month to 3-month level acted as resistance the last time price approached it, as short-term holders used the move to exit, pushing the broader short-term holder segment back into unrealized loss.
At press time, BTC traded at 68,553.
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