Bitcoin Miners Offload 210K BTC to Exchanges, Pressuring Price Despite Strong Spot Buying

Bitcoin miners significantly increased their selling activity in October, depositing a massive 210,000 BTC to exchanges, primarily utilizing Binance (which received 122,000 BTC in the last week of the month). This large flow signals miners are preparing to lock in profits, adding substantial selling pressure to the market, which is already dealing with up to $10 billion in potential supply.

Key Market Dynamics

• Miner Selling Context: The deposits accelerated as BTC price slid from a peak above $126,000 down to around $107,401. This selling is partly attributed to miners pivoting their business toward AI data centers, moving away from relying solely on mining income. Miner reserves have decreased to 1.89 million BTC from over 2 million BTC in the past year.
• Accumulation Absorbs Supply: Despite the huge miner inflows, the overall trend of low exchange reserves continues. This is because spot market buyers are largely absorbing the supply.
  • Netflows for BTC were negative for the past month, meaning buyers accumulated over $4.5 billion in BTC in October.
  • Exchanges also saw over $4 billion in USDT (Tether) net inflows, suggesting funds are prepared for further buying.
• Spot Market Dominance: The lack of clear direction in the market has caused derivative open interest to decline to $32 billion, leading to a shift toward spot trading.
• Current Outlook: While there’s fear due to the selling pressure and BTC breaking below the crucial 200-day moving average at $109,000, the market shows no signs of panic-selling or capitulation. Traders are watching closely for either a price recovery or a potential dip below the $100,000 psychological level.

In summary, the Bitcoin market is currently navigating heavy selling from miners, but strong spot buying activity is actively absorbing the supply, preventing a full capitulation.

November 2025, Cryptoniteuae