Bitcoin (BTC) miners appear to be holding firm despite renewed concerns over sell-offs and liquidity crunches on Binance.<\/p>\n
The percentage price change since the last mining difficulty bottom has climbed to +7.4%, showing that the market has pulled out of stress territory and that forced sales from miners are not currently weighing on prices.<\/p>\n
This uptick offers a reprieve for BTC bulls, even as the asset struggles to reclaim its July 14 all-time high.<\/p>\n
On July 25, concerns flared when on-chain data revealed that miners had offloaded<\/a> over 18,000 BTC, worth more than $2 billion, onto Binance in a single day. The huge deposit came alongside $650 million in USDC leaving the exchange, prompting fears of reduced buy-side liquidity and an impending consolidation.<\/p>\n CryptoQuant analyst Amr Taha noted this profit-taking followed Bitcoin\u2019s push toward $120,000 and may have been driven by increasing operational costs and a tougher mining environment. He warned the influx might precede a local correction, a pattern seen during similar surges in the past.<\/p>\n However, the market response has been more subdued than feared. While Binance\u2019s liquidity thinned, and some market participants moved funds off-platform, Bitcoin\u2019s price action remained largely stable and even increased.<\/p>\n According to market watcher Axel Adler Jr., the +7.4% gain from the last difficulty bottom indicates miners are not in distress. His analysis shows<\/a> that miner capitulation typically emerges during extended negative trends of -10% to -30%, a threshold the market is far from breaching.<\/p>\n \u201cCurrently the miner factor is not dragging the market down,\u201d Adler stated, although he stressed that miners are not actively boosting bullish momentum either.<\/p>\n Even amid declining<\/a> revenues and a 3.5% drop in hashrate since mid-June, miners have largely opted to hold their coins.<\/p>\n According to a June 29 CryptoQuant report, miner revenues plunged to a two-month low of $34 million, their worst levels in a year. Yet, outflows from the group dropped significantly, from 23,000 BTC daily in February to just 6,000 BTC.<\/p>\n Price-wise, the world\u2019s largest cryptocurrency was trading around $116,574 at the time of writing, per CoinGecko. The price reflects a modest 1.8% gain over 24 hours and a more respectable 7.4% in the last month.<\/p>\n BTC remains up more than 104% year-on-year, although weekly movement remains tepid at just 0.8%, keeping the price 5.1% shy of its all-time high.<\/p>\n While not in a euphoric zone, the data, as Adler summed it up, suggests a measured and resilient market, one where miners, often considered early warning indicators, are far from signaling panic.<\/p>\n The post Bitcoin Miners Weather the Storm: No Capitulation in Sight at 7.4% Price Surge<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) miners appear to be holding firm despite renewed concerns over sell-offs and liquidity crunches on Binance. The percentage price change since the last mining difficulty bottom has climbed to +7.4%, showing that the market has pulled out of stress territory and that forced sales from miners are not currently weighing on prices. This […]<\/p>\n","protected":false},"author":0,"featured_media":86969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-86968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/86968"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=86968"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/86968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/86969"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=86968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=86968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=86968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market Response and Lingering Concerns<\/h2>\n