Miners withdrew 726.53 BTC — about $54.1 million — from their wallets at a moment when the bitcoin price was dropping toward the $74,000 mark. For the market, this is an early risk signal: if the coins go to exchanges and the transfers continue, additional supply will enter the market. If the outflows stop after the price stabilizes, concerns about forced selling by miners will ease.
Miners are natural sellers in the market: when margins compress, they more often realize coins to cover operating expenses. The Puell Multiple, which compares current miner revenue with the one-year average, recently held near 0.9 — revenues were slightly below normal. A further price decline would hit miners even harder.
Miners transfer more coins as the price falls
The unusually large outflow, compiled from transfers by several miners, came at a moment when the BTC price dropped to roughly $73,700, after which the price rebounded to $74,300. The hourly chart shows that on November 7 outflows were barely different from zero. Larger spikes began late on November 8 and continued on the 9th, with the latest one being among the largest in three days. The key pattern: the lower the price goes, the more coins miners move.
An outflow by itself does not yet mean a sale. The coins could have gone to exchanges, over-the-counter (OTC) desks, lenders, or internal company wallets. A rise in miner transfers specifically to exchanges would confirm selling, but this chart contains no such data.
The scale of the outflow is still modest: the $54 million sum is not comparable to the $1.12 billion that investors withdrew from spot bitcoin ETFs last week. The danger would arise from a series of outflows amid a further decline: additional supply would come into a market where leveraged positions are already being closed. If the transfers subside once the price stabilizes, that would be an argument against miner capitulation — a mass sell-off of coins.
Miners and Binance: what preceded the current outflow
Earlier, on October 26, miners transferred 21,140 BTC — about $1.7 billion — to Binance, almost 30 times the current outflow. Inflows from miners to this exchange exceeded 20,000 BTC for the sixth time since February 2026, and transfers to trading venues, unlike simple outflows from wallets, usually indicate preparation for sales.
The current spikes are also noticeable because miners had gone quiet before them: the MPI index, which compares miner outflows with the one-year average, dropped from 2.9 to 0.2 after a sharp rise. Large holders on Binance, by contrast, became more active: almost the entire BTC inflow to the exchange came from the ten largest transfers, although this indicator by itself does not prove a rise in deposits.
Another factor is the closure of Binance Pool: the exchange is shutting it down and discontinuing related services on November 10, and miners are advised to reconfigure their equipment to other pools in advance. Therefore, some of the coin movements these days may be explained by infrastructure restructuring rather than solely by a desire to sell BTC.
Cryptalist analysis: The current outflow of 726 BTC remains a local event and by itself is not capable of crashing the market — its volume is dozens of times smaller than the recent pressure from spot ETFs. However, combined with the closure of Binance Pool and the compression of miner margins, it forms a zone of heightened vulnerability in the $73,000–74,000 range, where any series of transfers to exchanges could amplify the downward impulse. Price resilience above $74,000 as outflows fade would be the first confirmation that miner capitulation is not materializing.