Bitcoin miners dumping coins onto exchanges at record pace — brace for a pullback below $70K
Bitcoin miners are moving unusually large amounts of BTC onto exchanges like Binance, which historically signals they are preparing to sell. At the same time, demand from buyers is weakening and new short positions are being opened.
Idea
Bitcoin miners are the original long-term holders of BTC — when they start sending coins to exchanges in large volumes, it usually means they are getting ready to cash out. Right now those inflows to Binance are spiking, while spot buying demand is fading and traders are opening fresh short positions. This combination of increasing potential supply and decreasing demand has reliably preceded pullbacks in Bitcoin's price over the past several cycles. The $70,000 level is the next major support zone to watch if selling pressure continues to build.