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.

[BitDiscussion]

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.

My guess is mostly for operational costs because we all know that mining a Bitcoin is so hard or so expensive. Only few are blessed to have an efficient environment for this one. The act itself is already a massive self-off and maybe there are actually people that will panic and see it as a type of FUD. Good thing it was only 20k BTC but imagine if it was truly 200k BTC, then maybe even us veterans will now get shaken by it. But then we can snap out and see it as a FOMO for bargain buying.

[Cryptohygenic]

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.

And alas those were right thinking as the market falls below that range of speculation
Saylors has also claimed to had sold 32 bitcoins of their portfolio which has contributed to this market falls down to 50% from the Ath.
Nhmm, it also signifies a lot that the miners who made the deposit on the exchange was going to make some sells which might probably had been executed before the slide down of the market price fall so deep to $63,000

[BitMaxz]

And alas those were right thinking as the market falls below that range of speculation
Saylors has also claimed to had sold 32 bitcoins of their portfolio which has contributed to this market falls down to 50% from the Ath.
Nhmm, it also signifies a lot that the miners who made the deposit on the exchange was going to make some sells which might probably had been executed before the slide down of the market price fall so deep to $63,000

It seems you think the 32 BTC from Saylor influences more than the news above provided by Don Pedro Dinero and Oshosondy?

Take note that those they mention above are big numbers; it could actually affect the market or have a big impact if they sell those amounts than just 32 BTC.

For me, those institutional investors choose to sell because the retracement level is already being filled around the 1st and 2nd weeks of May, where the price created a triple top or the price keeps failing to create a new higher high. It is a huge sign for bears if I own a company and hold a BTC at that time; that is my time to sell to avoid further losses or at least to save my investment. to get a negative profit.

I'm sure Saylor or Bitcoin ETF BlackRock, who sell on the dark pool, have already analyzed the market since they already have much experience in it. They don't just randomly sell or buy; I'm sure they also analyze the chart, including the on-chain data. The drop happening these days isn't because influencers told you that they are going to sell but because of the analysis.

[JeffBrad12]

And alas those were right thinking as the market falls below that range of speculation
Saylors has also claimed to had sold 32 bitcoins of their portfolio which has contributed to this market falls down to 50% from the Ath.
Nhmm, it also signifies a lot that the miners who made the deposit on the exchange was going to make some sells which might probably had been executed before the slide down of the market price fall so deep to $63,000

It seems you think the 32 BTC from Saylor influences more than the news above provided by Don Pedro Dinero and Oshosondy?

To be fair that 32 bitcoin carry weight behind it, the largest holder of bitcoin is opening possibility to sell their bitcoin and that is bad news in my book.
If you see their product, it's pretty obvious they are prioritizing their business which is issuing stock than their bitcoin holding.

However bitcoin going down means they are more likely to restructure their reserves.

Tbh, what people don't see is the real problem behind Strategy's preferred stock, there are several stablecoin using preferred stockover with ticker (NASDAQ:STRC) collateralized as a backing, and they are currently depegging.
What they do to regain peg? selling their preferred stock and probably do a haircut to their holders, as a result that preferred stock might go down in value and Strategy will be forced to raise dividend to attract buyers.

This means they need to compensate by selling more bitcoin. I'm holding bitcoin and I would one hundred percent prefer this to not happen at all.
Those companies apparently holding off selling the preferred stock hoping it will go back to $100 but idk what happen when preferred stock market live again.

[Oshosondy]

It seems you think the 32 BTC from Saylor influences more than the news above provided by Don Pedro Dinero and Oshosondy?

There are many news I brought to this forum. I was also the one that brought the 32 BTC news.

You can read about it here: https://bitcointalk.org/index.php?topic=5584552.msg66786460#msg66786460

There are also other ones like the ETF outflow and others that we have posted replies under. All I know was that bitcoin will fall and I posted about it since the beginning of this month before it become massive.

This is it here: https://bitcointalk.org/index.php?topic=5584513.msg66784885#msg66784885