Key takeout
How much bitcoin did the miners send to Binance in September?
Over 120,000 BTC, daily transfers average between 5K and 7K BTC, facilitating liquidity pressures and price adjustments.
What countered miner-led sales pressure?
The $60.51 million spot inflow, 21.4 NVT ratio, and improved sentiment supported nearly $109,000 in Bitcoin and showed resilience to the outflow.
Bitcoin [BTC] Miners sent over 120,000 BTC to Binance in September, maintaining sustained pressure on the market.
In many cases, daily transfers ranged from 5,000 to 7,000 BTC, peaking above 6,000 BTC over a few days. Minor transfers have decreased by 1.12% compared to previous measures, but we cannot overlook the size of recent influx.
Source: Cryptoquant
This behavior often indicates the need for liquidity that can be linked to operational costs and hedging strategies.
Increases in miner activity come at a delicate time for BTC when other market forces are already owing short-term resilience.
Spot influx provides mitigation
Despite miners’ sales, Bitcoin spot markets reflect strength, recording an influx of $651 million at press time. This shows that it helps buyers absorb the available supply and stabilize the liquidity.
Spot influx suggests that spot influx, which actively spins periods of debilitating, is intervening by buyers around key levels, preventing sharper drawdowns.
Furthermore, this improvement is in contrast to the system’s ETF outflow, indicating that retail and speculative flows continue to be involved.
Source: Coinglass
NVT shows improved efficiency
At the time of writing, the network value (NVT) ratio fell to 21.4, according to Cryptoquant. A lower value indicates that transaction activity supports Bitcoin’s market capitalization more efficiently.
This trend helps to reinforce the idea that even if external pressure is the weight of BTC, network activity is not deteriorated.
Therefore, the decline in NVT suggests that the underlying utility of Bitcoin remains solid and provides a stabilizing factor. If this continues, it will help offset the negative effects of institutional and miner outflows.
Source: Cryptoquant
Bitcoin sentiment becomes optimistic
Santimento data show that weighted emotions rotate positively at 0.42, indicating changes in market mood at the time of writing.
At the same time, Bitcoin’s social domination rose to 23.68%, strengthening its lead in market conversations.
Although these indicators suggest an increase in optimism, traders should be careful to ease their confidence, as a rapid increase in domination often precedes the cooling stage.
Source: Santiment
Can the buyer’s strength surpass minor sales?
Bitcoin’s resilience reflects stronger sentiment against spot influx, improved NVT efficiency, and sustained miner sales. As long as demand absorbs supply, BTC could continue to hold nearly $109,000 in support.
Still, a surge in miner activity could resume downside risk. Until then, improving the basics is heading towards stability rather than a sudden decline.