Bitcoin Miners Weather the Storm: No Capitulation in Sight at 7.4% Price Surge

Key Points

1. Bitcoin miners deposited 18,000 BTC (worth over $2 billion) onto Binance in a single day on July 25, alongside $650 million in USDC leaving the exchange, raising fears of reduced liquidity.

2. Despite the large deposit, Bitcoin's price remained largely stable, with a +7.4% gain from recent lows, indicating resilience in the market.

3. Miner revenues have dropped significantly, from 23,000 BTC daily in February to just 6,000 BTC, but miners are choosing to hold their coins rather than sell.

4. Bitcoin's price was trading around $116,574, reflecting a 1.8% gain over 24 hours and a 7.4% increase over the last month, though it remains 5.1% below its all-time high.

5. Market indicators are not signaling panic, suggesting that the miner sell-off has not significantly impacted the market negatively.