The BTC.com mining pool presently dominates miner flows to Binance, because it now accounts for practically 98% of all BTC transfers from miners to the trade.
This development supplies essential perception into miner conduct, in accordance with the newest report by CryptoQuant.
Bitcoin Miners Present Persistence
Traditionally, BTC.com will increase its outflows to Binance when Bitcoin’s worth rises, indicating strategic profit-taking at native tops. Alternatively, when flows drop, it displays rising miner confidence, as they select to carry their Bitcoin slightly than promote.
Apparently, regardless of Bitcoin buying and selling above $100K in latest months, BTC.com’s flows to Binance have sharply declined. This means that miners are anticipating additional worth appreciation and are lowering promoting strain, doubtlessly supporting a extra sustained rally.
“Miners are among the many smartest gamers available in the market. Watching their strikes helps us perceive the place we’re within the cycle.”
Zooming out, a deeper take a look at network-level knowledge reveals a “seasonal” development.
Hash Fee Seasonality
The most recent growth comes as Bitcoin briefly fell under $100,000 this weekend after stories 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 latest worth milestones, Bitcoin’s on-chain transaction charges stay weak, as per the newest remark by Digital Mining Options. In 2025, charges have constantly accounted for lower than 1% of the full block reward and have didn’t offset the halving-induced subsidy cuts. This weak price surroundings means miner income, or hash worth, is tightly correlated to Bitcoin’s worth.
When BTC falls, hashprice drops practically in sync, with minimal price help to cushion the decline. Bitcoin’s community hash price has been extremely risky this yr, and has seen a number of report 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 components enjoying a task.
With round half of US mining centered in Texas, heatwaves and power curtailments in the summertime usually trigger hash price dips.
