Bitcoin Miner Deposits to Binance Exceed 150,000 BTC in June, Highest in Four Months

Bitcoin miners deposited more than 150,000 BTC to Binance in June, the highest monthly total in four months.

CryptoPotato reported on June 25, citing CryptoQuant data, that miners' Binance deposits topped 150,000 BTC this month.

CryptoQuant said the rise in miner deposits to exchanges may reflect profit-taking on holdings or efforts to secure liquidity for operating costs. It added that not all Bitcoin transferred to exchanges is sold immediately, but the inflow indicates an increase in potential selling supply.

If the market absorbs the additional supply smoothly, that would point to strong buying demand, CryptoQuant said. If demand is weak, the added supply could put downward pressure on Bitcoin prices.