Overview
- BTC transfers from miners to Binance average about 4,316 BTC over 30 days, with roughly 4,381 BTC across all exchanges, the weakest readings since June 5, 2023, according to Darkfost.
- Flows had spiked above 8,000 BTC in late January when U.S. ice storms disrupted operations and pushed miners to sell to cover fixed costs.
- Miners are estimated to hold roughly 1.8 million BTC in reserves, leaving scope for renewed distribution if conditions deteriorate.
- U.S. spot demand appears muted, with the Coinbase Premium Index near −0.02, which points to offshore markets guiding price discovery.
- Network hashrate has slid from above 1,200 EH/s toward about 800 EH/s with an expected difficulty drop near 8%, and some operators reportedly sold over 15,000 BTC to fund shifts toward AI compute.