The BTC.com mining pool at present dominates miner flows to Binance, because it now accounts for practically 98% of all BTC transfers from miners to the change.
This development gives essential perception into miner conduct, in accordance with the newest report by CryptoQuant.
Bitcoin Miners Present Endurance
Traditionally, BTC.com increases its outflows to Binance when Bitcoin’s value rises, indicating strategic profit-taking at native tops. However, when flows drop, it displays rising miner confidence, as they select to carry their Bitcoin quite than promote.
Apparently, regardless of Bitcoin buying and selling above $100K in current months, BTC.com’s flows to Binance have sharply declined. This means that miners are anticipating additional value appreciation and are lowering promoting strain, probably supporting a extra sustained rally.
“Miners are among the many smartest gamers out there. Watching their strikes helps us perceive the place we’re within the cycle.”
Zooming out, a deeper take a look at network-level information reveals a “seasonal” development.
Hash Price Seasonality
The most recent improvement comes as Bitcoin briefly fell beneath $100,000 this weekend after reviews emerged of a US strike on Iranian nuclear websites, dropping to $98,000 in a swift response to geopolitical tensions. Nevertheless, the dip was short-lived, because the crypto asset rebounded by early Monday.
Regardless of the current value milestones, Bitcoin’s on-chain transaction charges stay weak, as per the newest observation by Digital Mining Options. In 2025, charges have persistently accounted for lower than 1% of the overall block reward and have did not offset the halving-induced subsidy cuts. This weak charge setting means miner income, or hash value, is tightly correlated to Bitcoin’s value.
When BTC falls, hashprice drops practically in sync, with minimal charge help to cushion the decline. Bitcoin’s community hash price has been extremely risky this yr, and has seen a number of file highs and sharp drops. It peaked at 950 EH/s in mid-June earlier than plunging to 827 EH/s – a 13% decline. This sample of surges adopted by steep corrections has been constant, with seasonal elements enjoying a job.
With round half of US mining centered in Texas, heatwaves and vitality curtailments in the summertime typically trigger hash price dips.
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