Cryptocurrency's significant surge towards $120K for Bitcoin faces potential setbacks due to miners transferring over $2 billion worth of Bitcoin to Binance.
In a significant development, miners have been offloading large volumes of Bitcoin to Binance, potentially signaling increased selling pressure in the market. On July 25, 2025, miners collectively transferred over 18,000 BTC (worth more than $2 billion) to the exchange, marking one of the largest single-day miner deposit spikes in months.
This unusual surge in miner activity, according to analysts, could temporarily put Bitcoin’s $120,000 rally at risk. The large miner deposit spike suggests that miners might be offloading coins to realize profits, which can increase sell-side pressure on price. At the same time, some data pointed to rising institutional participation and a recent increase in BTC reserves on centralized exchanges, hinting that some holders expect a pause before further price gains.
Despite the short-term uncertainty, Bitcoin's long-term fundamentals remain strong, and the asset was holding a solid monthly gain near $118,000 as of late July 2025. If Bitcoin holds above $115,000, analysts expect another attempt at breaking $120,000, potentially setting the stage for a retest of the all-time high.
The market context is also noteworthy. Miner reserves have been climbing since March, with addresses holding 100 to 1,000 BTC accumulating 65,000 BTC, their highest level since November 2024, per CryptoQuant. Binance recorded its largest USDC net outflow in more than two months, with $650 million exiting the platform on the same day as the BTC inflow. This stablecoin drain suggests that some traders could be shifting funds to cold storage or alternative venues, potentially reducing immediate buy-side liquidity on the exchange.
Analyst Amr Taha suggests that this miner activity once again makes Binance a focal point for short-term supply and liquidity shifts. Taha also noted that such large inflows to exchanges have historically preceded periods of consolidation or local corrections. Traders are waiting to see if Bitcoin can hold support above $115,000.
Interestingly, the move coincided with a $650 million USDC withdrawal event from Binance. Binance recently launched Discount Buy, a feature allowing users to purchase crypto at below-market rates. The article contains no new standalone facts that are not repetitions or advertisements.
The market saw activity from very old "Satoshi-era" miner wallets, stirring interest and caution among investors about whether it signals deeper selling or a shakeout before a major rally. This makes the miner activity part of a broader dynamic affecting Bitcoin’s near-term price direction.
In summary, the miner activity suggests increased selling pressure, which could cause a temporary price pullback or consolidation near key resistance levels like $115,000-$120,000. However, the strong long-term fundamentals and institutional interest remain, leaving open the possibility of resumed upward momentum after this correction phase.
- The significant transfer of 18,000 BTC from miners to Binance, worth over $2 billion, was part of a large miner deposit spike, which has been linked to increased selling pressure in the Bitcoin market.
- Binance's USDC net outflow of $650 million on the same day as the BTC inflow suggests that some traders might be shifting funds to cold storage or alternative venues, potentially reducing immediate buy-side liquidity on the exchange.
- The market context includes rising institutional participation, an increase in BTC reserves on centralized exchanges, and a surge in miner activity that could temporarily put Bitcoin’s $120,000 rally at risk.
- Bitcoin's long-term fundamentals remain strong, and if it holds above $115,000, analysts expect another attempt at breaking $120,000, potentially setting the stage for a retest of the all-time high, despite the short-term uncertainty caused by increased miner selling and possible price corrections.
