Bitcoin Miners Panic Sell $19.9B to Binance – What’s Next, A ‘Bitcoin’ Burn? 🔥

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Oh hey, guess who’s been playing hot potato with their Bitcoin stash? If you said “BTC.com Pool,” give yourself a high five! 🎉 On-chain data reveals they’ve been sending 186,000 BTC (that’s $19.9 billion, people!) to Binance in October. Who knew mining was just a fancy way to fund a shopping spree? 🛍️

BTC.com Mining Pool: The World’s Worst Poker Players?

Let’s break this down, shall we? According to the ever-so-wise CryptoQuant, BTC.com miners have been making big moves, sending their Bitcoin to Binance like it’s the last cab in a zombie apocalypse. 🧟‍♂️ The “Miner to Exchange Flow” metric isn’t just numbers-it’s basically the financial version of “I’m selling because I’m scared and also maybe because I need cash for my next coffee.” ☕

Here’s the fun part: This specific metric tracks how much BTC flows from miner wallets to centralized exchanges. And guess what? BTC.com and Binance are currently in a love-hate relationship that’s 100% one-sided. 💔

Miners usually sell to pay their electric bills, which, honestly, sounds like a full-time job just to afford a latte. But when they start dumping in mid-October like it’s Black Friday at the crypto mall, that’s not just selling-it’s panic selling. 😨

Now, here’s the chart that’s basically the financial equivalent of a “This is fine” meme:

As displayed in the above graph (which looks like a rollercoaster hit by a hurricane), the Bitcoin Miner to Exchange Flow for BTC.com and Binance spiked in mid-October. Coincidentally, that’s also when the price hit local bottoms. Classic! 🤷‍♀️

And let’s not forget the total haul: 186,000 BTC. That’s enough to buy every single person in a small country a pizza. 🍕 Or, y’know, pay off some electricity bills. 🤯

Miners have to pay for their crypto dreams, folks. Electricity bills don’t care if you believe in HODLing. But when the selling gets so aggressive it could make a bear market cry, that’s when you know things are… spicy. 🌶️

And it’s not just miners-long-term holders (LTHs) are getting in on the action too. Glassnode says they’ve been spending $2-3 billion a day. If this were a movie, it’d be called “The Great Bitcoin Exorcism.” 👻

From the chart, it’s clear: LTHs went from casual spending to “I bought a yacht and forgot it’s 2023.” 🚤 The analytics firm even said this distribution is “gradual and persistent,” which is just a fancy way of saying “we’re all doomed.” 😭

BTC Price: The Titanic of 2023?

Bitcoin has suffered a bearish blow during the last 24 hours as its price has plunged by almost 4%. If this keeps up, maybe we’ll start seeing Bitcoin as a verb. Like, “I got Bitcoin’d today.” 💔

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2025-10-31 12:54