The BTC.com mining pool presently dominates miner flows to Binance, because it now accounts for almost 98% of all BTC transfers from miners to the alternate.
This pattern offers vital perception into miner habits, based on the most recent report by CryptoQuant.
Bitcoin Miners Present Persistence
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 reasonably than promote.
Curiously, 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 stress, probably supporting a extra sustained rally.
“Miners are among the many smartest gamers out there. Watching their strikes helps us perceive the place we’re within the cycle.”
Zooming out, a deeper take a look at network-level knowledge reveals a “seasonal” pattern.
Hash Fee Seasonality
The newest growth comes as Bitcoin briefly fell beneath $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. Nonetheless, 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 remark by Digital Mining Options. In 2025, charges have persistently accounted for lower than 1% of the entire block reward and have didn’t 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 almost in sync, with minimal charge help to cushion the decline. Bitcoin’s community hash charge has been extremely unstable this 12 months, and has seen a number of file 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 components taking part in a task.
With round half of US mining centered in Texas, heatwaves and vitality curtailments in the summertime typically trigger hash charge dips.
