Data from on-chain analytics firm CryptoQuant shows that Bitcoin miners have transferred over 71,000 BTC to Binance since early November, marking one of the largest exchange inflows of the year. The movement, valued at more than $7 billion, highlights growing miner activity as Bitcoin trades near $104,000.
The increase in deposits comes amid a period of network difficulty adjustments and declining block rewards, suggesting that miners are seeking to rebalance liquidity and secure operational funds heading into year-end. October had already seen heavy miner transfers—over 200,000 BTC—typically signaling profit-taking or preparation for infrastructure upgrades before the new fiscal cycle.
Analysts interpret this trend as a healthy sign of market rotation, with miners managing cash flow without triggering major sell-offs. Market observers will be watching closely to see if this flow continues or stabilizes as Bitcoin’s price holds near recent highs.
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