Bitcoin (BTC) miners appear to be holding firm despite renewed concerns over sell-offs and liquidity crunches on Binance.

The percentage price change since the last mining difficulty bottom has climbed to +7.4%, showing that the market has pulled out of stress territory and that forced sales from miners are not currently weighing on prices.

This uptick offers a reprieve for BTC bulls, even as the asset struggles to reclaim its July 14 all-time high.

Market Stabilizes Despite Previous $2B Miner Dump

On July 25, concerns flared when on-chain data revealed that miners had offloaded over 18,000 BTC, worth more than $2 billion, onto Binance in a single day. The huge deposit came alongside $650 million in USDC leaving the exchange, prompting fears of reduced buy-side liquidity and an impending consolidation.

CryptoQuant analyst Amr Taha noted this profit-taking followed Bitcoin’s push toward $120,000 and may have been driven by increasing operational costs and a tougher mining environment. He warned the influx might precede a local correction, a pattern seen during similar surges in the past.

However, the market response has been more subdued than feared. While Binance’s liquidity thinned, and some market participants moved funds off-platform, Bitcoins price action remained largely stable and even increased.

According to market watcher Axel Adler Jr., the +7.4% gain from the last difficulty bottom indicates miners are not in distress. His analysis shows that miner capitulation typically emerges during extended negative trends of -10% to -30%, a threshold the market is far from breaching.

Currently the miner factor is not dragging the market down, Adler stated, although he stressed that miners are not actively boosting bullish momentum either.

Market Response and Lingering Concerns

Even amid declining revenues and a 3.5% drop in hashrate since mid-June, miners have largely opted to hold their coins.

According to a June 29 CryptoQuant report, miner revenues plunged to a two-month low of $34 million, their worst levels in a year. Yet, outflows from the group dropped significantly, from 23,000 BTC daily in February to just 6,000 BTC.

Price-wise, the world’s largest cryptocurrency was trading around $116,574 at the time of writing, per CoinGecko. The price reflects a modest 1.8% gain over 24 hours and a more respectable 7.4% in the last month.

BTC remains up more than 104% year-on-year, although weekly movement remains tepid at just 0.8%, keeping the price 5.1% shy of its all-time high.

While not in a euphoric zone, the data, as Adler summed it up, suggests a measured and resilient market, one where miners, often considered early warning indicators, are far from signaling panic.