Miner inflows to Binance exceeded 20000 BTC

[Oshosondy]

It was on May 18, miners deposited roughly 210000 BTC to Binance according to Amr Taha. El duderino_ is that you or the analyst stole your online image?

https://cryptoquant.com/insights/quicktake/6a167ef52f49764f5f1f4ed0-Miner-inflows-to-Binance-exceeded-20000-BTC-for-the-first-time-since-February-5

I know what most of you are thinking buy now, that bitcoin price might fall below $75000 because miners are sending bitcoin to an exchange which can mostly indicate one thing.

My recent other topic, but which I specifically created for traders on trading discussion board:
Bitcoin may not go up more than $78000 in May again

[Don Pedro Dinero]

It doesn't look promising. You look at the US stock market and see it broke records last year whilst Bitcoin fell. It’s the same this year: the US stock market continues to break records, whilst Bitcoin is down. Then you see news stories like the one you’ve posted, or this one:

Whale alert: Someone dumped $1.29 billion of BlackRock's bitcoin ETF in a dark pool trade

The trend is getting harder for the bulls to ignore. Investors have now yanked a total of $2.26 billion from the ETFs over the past two weeks. If these massive exits continue, the price of bitcoin may continue to lose ground.

Nothing points to a promising future for the rest of the year.

[JeffBrad12]

They could be doing this to cover their operational cost and to scale, or they are forecasting another dump?
As from the chart itself it looks pretty bearish but I hope i'm wrong and the price hopefully retesting another supply zone and resistance instead.
Maybe these miners just want to play safe.

[DPHOR]

210,000 bitcoin is not a joke for any day and could likely influenced the market especially when they have that mindset of dumping on the market, as we know such news easily get reflected to the market since the market are mostly controlled by news and whenever some other traders noticed that such has happened they would also mind dumping for the price to regain itself a bit before they could dumped. Again, they felt that market could touched 60k so there is every essentiality to dump whatever coin they are holding, and from what I am seeing next month could also be that deadly as well since this month want to end in bearish candle.

[_act_]

They could be doing this to cover their operational cost and to scale, or they are forecasting another dump?

The miners can also be selling to buy AI infrastructures which is what few miners are doing now, but I can be wrong. The miners that sold the coins will be the that can give the main answer to this question.

210,000 bitcoin is not a joke for any day and could likely influenced the market especially when they have that mindset of dumping on the market

It is ~21000 BTC and not 210000 BTC. 5 figures not 6 figures.

[MadSl1m]

That CryptoQuant number is mixing layers a bit. The "miner addresses" it tracks are mostly pool hot wallets, Foundry and AntPool and F2Pool, and those pools sit on balances belonging to thousands of small hashrate sellers. When one of those users hits their payout threshold and pulls funds to an exchange, the on-chain trace shows up as a miner outflow even though it's really just an end user cashing out. So 21K leaving doesn't automatically mean industrial sell pressure. Could just be a chunk of monthly payouts landing on the same window.

[retreat]

I think there's a typo in your sentence, it's 21,000 BTC, not 210,000 BTC.

Well, this inflow could be interpreted as the miners possibly doing it for operational costs, or for other purposes. We can't say for sure because there's no explanation for that action. However, I don't think this is anything major that would trigger a massive sell-off. While 21,000 BTC isn't a small amount, I don't think it should worry most investors.

[JeffBrad12]

The miners can also be selling to buy AI infrastructures which is what few miners are doing now, but I can be wrong. The miners that sold the coins will be the that can give the main answer to this question.

I just checked recently on many GPU renting marketplaces and it seems the rent rate has been on all time high for quite a while.
Everybody and their mother is running AI now and the miners might see it as opportunity, if they are buying AI infrastructure like you said I won't be surprised.
The future of mining facility might be to run Bitcoin ASIC and GPU at the same time.

[dansus021]

I think this one is just the classic bitcoin miner, when miners transfer large amounts of Bitcoin to a spot exchange like Binance, it is clocked as Sell-Side Pressure. The assumption is that they are moving assets to the order books to immediately liquidate them to cover electricity costs, hardware maintenance, or debt service.

I mean if I were the company Im goin to liquidate my bitcoin to cover all electricy and other things

[STT]

I don't think miners represent the largest possible selling block in Bitcoin, its speculators who can dump far more now then active mining.  The past mined coins are many orders of magnitude greater then any new amount of BTC produced by miners, its only that we assume the new coins are going to be sold rather then held.  That's a fair assumption due to cost, I wish I kept any BTC I had ever mined but that's not the way it goes.
   I'm more afraid of a strong dollar forcing leveraged holders to sell, that'd be a bigger move.  So far Dollar has been quite light even with bearish events, markets have not seen hard money pressure reappear.