Bitcoin miners are running out of room to breathe.

In the wake of a $19 billion market rout, operators have begun moving massive volumes of Bitcoin onto exchanges, a classic signal that sell pressure is building.

Data from CryptoQuant shows that between Oct. 9 and Oct. 15, mining wallets sent 51,000 BTC, worth more than $5.6 billion, to Binance alone. The largest daily transfer, over 14,000 BTC on Oct. 11, marked the biggest miner deposit since July 2024.

Selling the reserves

Such spikes rarely happen in isolation. They usually appear when miners need liquidity to cover rising costs or hedge against price swings.

Analysts view these movements as a bearish on-chain signal, showing that miners are exiting long-term accumulation phases and preparing to sell.

Blockchain researcher ArabChain explained that large transfers from miner wallets typically indicate either direct liquidation or preparations for collateralized borrowing.

According to the researcher:

“Sometimes, miners also deposit coins to use as collateral for derivatives contracts or for financing purposes. In some cases, these deposits are merely technical rea

Go to Source to See Full Article
Author: Oluwapelumi Adejumo