Miners Move 21,000 BTC to Binance as Bitcoin Holds $75K

Bitcoin miners transferred roughly 21,000 BTC to Binance on May 18, the second time this year miner inflows to the exchange exceeded 20,000 BTC. The May transfer was close in size to a Feb. 5 deposit of about 23,150 BTC. By May 26, Binance’s Bitcoin reserves had climbed to roughly 634,000 BTC from about 618,600 BTC on May 6.

Analyst Amr Taha reported the May 18 transfer and noted large miner deposits are often associated with potential selling when miners move coins to exchanges to cover operating costs. Despite the inflow, Bitcoin did not suffer a sharp price breakdown in the days after the deposit and remained near the $75,000 level.

On-chain metrics point to reduced buying conviction during the recent rebound. Glassnode’s realized profit/loss ratio was near 1.56, below the 2–5 range that commonly appears in stronger bull phases. The analytics firm’s spot volume delta moved back into net sell-side territory after Bitcoin faced rejection near the low-$80,000 range.

Glassnode wrote, “If BTC is going to push meaningfully higher from here, spot demand likely needs to step back in. Without that, the market risks drifting back into the same choppy, seller-dominated conditions that capped upside earlier in the year.”

Technical readings show the higher-time-frame bullish structure depends on holding support around $75,000. That level served as a consistent demand zone in May and aligns with a daily neckline on a developing head-and-shoulders formation after repeated failures near $80,000–$81,000. A lower high near $78,000 forms what traders view as a potential right shoulder. The daily relative strength index has remained below the neutral 50 mark for several days.

Researcher Axel Adler Jr. identified the $74,500 area as a key support, corresponding to the lower boundary of Bitcoin’s 21-day Donchian channel. Adler noted a composite trend signal shifted back into a “high bear” zone after a three-week reversal from May highs around $82,500, and that BTC was trading only slightly above the $74,500 band. A decline below $75,000 would expose a next major support near $70,400.

Exchange reserves, weakening spot demand and bearish technical indicators have been cited by market participants as reasons for caution. Miners’ larger transfers to Binance increased exchange-held supply, and the recent price action has remained contained rather than showing a sharp continuation move.