[CryptoOnchain: Increased Miner Outflows and Old Coins Flowing into CEX May Indicate Bitcoin Entering Distribution Phase] BlockBeats News, July 3 — According to CryptoOnchain analysis, recent on-chain data shows structural changes in the behavior of long-term holders and miners. Over the past week, the average miner outflow increased by 564%, while the inflow of 18- to 24-month-old coins into Binance surged significantly compared to the 30-day baseline. CryptoOnchain stated that the simultaneous flow of old coins and miner rewards into CEX typically indicates the market is in a distribution phase. Meanwhile, Binance's stablecoin net inflow averaged -$126 million per day, reflecting insufficient spot liquidity. At the same time, Binance's funding rate rose 87% week-over-week and turned positive, suggesting speculative traders are still building leveraged long positions. CryptoOnchain believes 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 excessively leveraged long positions remain at risk. [Original Link]