Bitcoin Miner Inflows Ramp Up: $7 Billion Sent To Binance

On-chain data shows Bitcoin miner Binance deposits have been at elevated levels recently, a potential sign that this group is selling.

Bitcoin Miners Have Sent 71,000 BTC To Binance In November

As explained by an analyst in a CryptoQuant Quicktake post , November has seen the miners send a notable amount of Bitcoin to cryptocurrency exchange Binance. The on-chain metric of interest here is the “ Miner to Exchange Flow ,” which measures the total number of tokens that wallets connected to miners are sending to a given centralized exchange.

When the value of this metric is high, it means the chain validators are sending large amounts to the platform. Generally, miners transfer to an exchange when they want to sell, so this kind of trend can have a bearish impact on the BTC price.

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