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 change.
This pattern supplies essential perception into miner conduct, in response to the most recent report by CryptoQuant.
Bitcoin Miners Present Endurance
Traditionally, BTC.com will increase its outflows to Binance when Bitcoin’s value rises, indicating strategic profit-taking at native tops. Then again, when flows drop, it displays rising miner confidence, as they select to carry their Bitcoin somewhat 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 decreasing promoting strain, probably 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 have a look at network-level information reveals a “seasonal” pattern.
Hash Charge Seasonality
The most recent improvement 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 current value milestones, Bitcoin’s on-chain transaction charges stay weak, as per the most recent statement 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 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 elements enjoying a task.
With round half of US mining centered in Texas, heatwaves and power curtailments in the summertime typically trigger hash price dips.
