Bitcoin miners have sent roughly 50,000 BTC to Binance since the start of May 2024, one of the heaviest sustained deposit runs on record. Daily inflows peaked at 7,000–8,000 BTC during that stretch — numbers that historically would weigh on price. So far, the market has shrugged it off.
Bitcoin continues to trade above $80,000, suggesting current demand is absorbing the extra supply. The resilience marks a shift from previous cycles when similar miner selling often triggered sharp pullbacks.
The $72,000–$74,000 floor
That former resistance zone around $72,000–$74,000 has flipped into support. Bitcoin has defended that level repeatedly after reclaiming it, giving traders a tangible reference point for the bottom of the current range. With the price now above $80,000, the cushion is a solid $6,000–$8,000 thick.
Still, the 200-day moving average sits near $82,000 and is sloping lower. That line has rejected rally attempts before. Bitcoin is approaching it again, and a clean break above could open the next leg higher. A rejection, on the other hand, would test how well the $72,000–$74,000 band holds.
What the miner flow tells us
Miners typically sell into strength, and the move above $80,000 appears to have triggered a wave of profit-taking. The 50,000 BTC figure covers about two and a half weeks — a pace that, if sustained, would exceed anything seen in the past two years. That kind of supply overhang usually creates overhead pressure, but the price action says the buyers are matching it.
The obvious risk is what happens if demand falters. A slowdown in spot buying or a spike in exchange selling from other cohorts could tip the balance. That scenario hasn't materialized yet, but the elevated inflow rate means the market is living closer to the edge than usual.
What to watch next
The key near-term test is the 200-day moving average at ~$82,000. If Bitcoin can push through and hold, the miner selling may be forgotten. If it stalls, the $72,000–$74,000 support will get another workout. For now, the data shows a market that's absorbing a historic supply event — but the next few days will tell whether that absorption is temporary or structural.
