Bitcoin's Ascent to $120K at Risk as Binance Receives $2B BTC from Miners

Bitcoin's attempt to hit the $120,000 mark is under threat due to a massive single-day deposit by miners into Binance. On July 25, over 18,000 BTC, valued at more than $2 billion, was sent to the exchange, coinciding with a $650 million USDC withdrawal event, which raised liquidity concerns. This move marks a departure from the miners' previous cautious attitude, potentially due to increased operation costs and mining difficulties. Large inflows to exchanges have often led to periods of consolidation, according to analyst Amr Taha.

This, coupled with Binance's largest USDC net outflow in over two months, indicates potential shifts in short-term supply and liquidity. Despite these challenges, Bitcoin's long-term potential remains strong, with market watchers closely observing if it can maintain support above $115,000.