Bitcoin miner flows to Binance hit 19,866 BTC recently, the closest any reading has come to 20,000 BTC since a spike above 25,000 in late August.
Add to that, Glassnode data shows that holders of the OG cryptocurrency are taking profit, with more than $5 billion realized so far.
Miners Send Nearly 20,000 BTC to Binance
According to the data provided by CryptoQuant’s Amr Taha, the Bitcoin miner flow to Binance was recorded at 19,866 BTC on September 21, coming close to hitting the 20,000 BTC level, which last occurred on August 25, when the figure surpassed 25,000 BTC.
Some miners tend to sell a portion of their holdings in order to pay electricity costs, maintenance costs for mining hardware, labor costs, taxes, debt service, and other operational expenses. Increased prices might also mean that it becomes easier to profit and make investments in mining equipment.
However, Taha framed the latest reading as a test of price resilience rather than a standalone bearish signal, considering that since 2024, most miner-to-exchange flow events near or above 20,000 BTC have not been followed by an immediate, steep Bitcoin decline.
“Elevated miner inflows alone have not been sufficient to overwhelm the market,” wrote the analyst.
But something else is happening at the same time, with Glassnode reporting that BTC holders were realizing profits, even though the amounts are relatively low right now. According to the analytics firm, net realized profit over the last seven days hit $5.1 billion, a level it compared with late 2023 rather than major market tops.
Together, they could put BTC’s strength to the test as it tries to shake off a retracement that has seen it dip below $84,000 after recently moving above $87,000 for the first time since January.
Bitcoin Price Dips as ETF Demand Grows
BTC was trading near $83,500 at the time of writing, according to CoinGecko, down 3% from yesterday’s price but up 10% on the week and 5% on the month. Still, the asset has lost 25% of the value it had one year ago and is 33% below its all-time high in October 2025.
Meanwhile, spot Bitcoin ETFs continued their green run, recording $999 million in net inflows on the day of the miner spike, followed by nearly $715 million on September 22 and almost $347 million the day after that. This performance has taken the capital coming into the funds so far this month to $2.37 billion, according to SoSoValue.
The post 2 Major On-Chain Signals Are Testing the Strength of Bitcoin’s Rally appeared first on CryptoPotato.
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