The latest data indicates a surge in Bitcoin transfers from miners to Binance. Significant spikes were observed in late July (notable double tops), followed by days with above-average flows.
The latest readings in early August show elevated levels ranging from several thousand BTC to over 10K BTC on the peak day indicating that miners are continuing to distribute to the exchange while the price remains near its highs (~$118.8K). Compared to the April/June period, current activity is higher and more akin to stockpiling or hedging behavior than to typical low-noise activity.
Behavioral Signs
- Distribution in Times of Strength
Continued high flows while the price is at historical levels suggest that miners are taking advantage of the surge to secure liquidity, cover costs, or manage post-halving treasury needs.
- Potential Short-Term Supply Pressure
Large daily spikes are often associated with the emergence of short-term resistance. The market requires immediate buying liquidity to absorb them and prevent the impact from turning into a price decline.
- Above-Average Volatility
The frequency of peaks over the past two weeks indicates that this behavior is not a one-off event but rather a phase of heightened activity among Binance miners, increasing the price’s sensitivity to any weakness in corresponding demand.
If the daily flows continue above the average of the previous weeks (e.g., > ~5–7K BTC per day, visually speaking), this would indicate ongoing supply pressure.
A rapid return to lower bar levels would suggest that the distribution wave was temporary and has been absorbed.
Distribution or liquidation during market strength, increasing the likelihood of short-term resistance unless met with sufficient buying pressure Monitoring the next few days is important. Continued peaks would indicate extended supply pressure, while rapid declines would signal strong absorption and a return to calmer market conditions.
Written by Arab Chain
