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The BTC.com mining pool currently dominates miner flows to Binance, as it now accounts for nearly 98% of all BTC transfers from miners to the exchange.
This trend provides critical insight into miner behavior, according to the latest report by CryptoQuant.
Bitcoin Miners Show Patience
Historically, BTC.com increases its outflows to Binance when Bitcoin’s price rises, indicating strategic profit-taking at local tops. On the other hand, when flows drop, it reflects growing miner confidence, as they choose to hold their Bitcoin rather than sell.
Interestingly, despite Bitcoin trading above $100K in recent months, BTC.com’s flows to Binance have sharply declined. This suggests that miners are anticipating further price appreciation and are reducing selling pressure, potentially supporting a more sustained rally.
“Miners are among the smartest players in the market. Watching their moves helps us understand where we are in the cycle.”
Zooming out, a deeper look at network-level data reveals a “seasonal” trend.
Hash Rate Seasonality
The latest development comes as Bitcoin briefly fell below $100,000 this weekend after reports emerged of a US strike on Iranian nuclear sites, dropping to $98,000 in a swift response to geopolitical tensions. However, the dip was short-lived, as the crypto asset rebounded by early Monday.
Despite the recent price milestones, Bitcoin’s on-chain transaction fees remain weak, as per the latest observation by Digital Mining Solutions. In 2025, fees have consistently accounted for less than 1% of the total block reward and have failed to offset the halving-induced subsidy cuts. This weak fee environment means miner revenue, or hash price, is tightly correlated to Bitcoin’s price.
When BTC falls, hashprice drops nearly in sync, with minimal fee support to cushion the decline. Bitcoin’s network hash rate has been highly volatile this year, and has seen several record highs and sharp drops. It peaked at 950 EH/s in mid-June before plunging to 827 EH/s – a 13% decline. This pattern of surges followed by steep corrections has been consistent, with seasonal factors playing a role.
With around half of US mining centered in Texas, heatwaves and energy curtailments in the summer often cause hash rate dips.
