Analysis: Increase in miner outflows and old coins entering exchanges may indicate BTC entering distribution phase

CoinFeed July 3 news, according to CryptoOnchain analysis, on-chain data shows significant structural shifts in the behavior of Bitcoin long-term holders and miners. Over the past week, average miner outflows surged by 564%, while Binance recorded a large influx of 'mature supply' coins aged 18 to 24 months, far exceeding the 30-day baseline. When old coins and miner rewards move to exchanges simultaneously, it usually indicates the market entering a distribution phase, where entities that accumulated during the previous consolidation period may be reducing risk or covering operational costs. However, a concerning divergence appears in the derivatives market: despite ongoing spot liquidity drain (Binance stablecoin net flow averaging -$126 million per day), Binance's funding rate rose 87% week-on-week, indicating that retail and speculative traders are still opening leveraged long positions, trying to 'buy the dip' without spot liquidity support.