Overview
- CryptoQuant data shows miners moved about 51,000 BTC ($5.6–$5.7 billion) to Binance between Oct. 9 and Oct. 15, including over 14,000 BTC on Oct. 11, the largest daily miner deposit since July 2024.
- The transfers followed a roughly $19–$20 billion market rout and are being interpreted as a shift from net accumulation toward selling or hedging.
- Intent is not confirmed, as such deposits can also serve for collateralized borrowing, operational financing, or technical reallocations between wallets and trading platforms.
- Mining economics have tightened with difficulty peaking in September before a 2.73% ease, hashprice near $45 per TH, and 2025’s average fees per block at multi-year lows.
- Whale buying and fresh U.S. spot Bitcoin ETF inflows have helped absorb supply, while major miners increasingly explore AI and high-performance compute hosting to bolster revenues.