BlockBeats News, July 3rd. According to CryptoOnchain analysis, recent on-chain data has shown a structural change in the behavior of long-term holders and miners. Over the past week, the average miner outflow has increased by 564%. At the same time, there has been a significant increase in the inflow of coins aged 18 to 24 months on Binance compared to the 30-day baseline. CryptoOnchain stated that when old coins and miner rewards flow to a central exchange (CEX) simultaneously, it usually indicates the market is in a distribution phase. The net daily inflow of stablecoins on Binance is -$126 million, indicating a lack of on-chain liquidity. Meanwhile, the Binance funding rate has increased by 87% on a weekly basis and has turned positive, suggesting that speculative traders are still building leveraged long positions.

It is believed that until stablecoin inflows recover sufficiently to absorb the selling pressure from miners and old coins, the market may struggle to form a clear structural bottom, and overleveraged longs remain at risk.