2 Major On-Chain Signals Are Testing the Strength of Bitcoin’s Rally

Bitcoin miners face substantial costs, including electricity and equipment repairs, which can prompt big sales when the cryptocurrency's price goes up. Bitcoin miner flows to Binance hit 19,866 BTC recently, the closest any reading has come to 20,000 BTC since a spike above 25,000 in late August. Add to that, Glassnode data shows that holders of the OG cryptocurrency are taking profit, with more than $5 billion realized so far. Miners Send Nearly 20,000 BTC to Binance According to the data provided by CryptoQuant’s Amr Taha, the Bitcoin miner flow to Binance was recorded at 19,866 BTC on September 21, coming close to hitting the 20,000 BTC level, which last occurred on August 25, when the figure surpassed 25,000 BTC. Some miners tend to sell a portion of their holdings in order to pay electricity costs, maintenance costs for mining hardware, labor costs, taxes, debt service, and other operational expenses. Increased prices might also mean that it becomes easier to profit and make investments in mining equipment. However, Taha framed the latest reading as a test of price resilience rather than a standalone bearish signal, considering that since 2024, most miner-to-exchange flow even...