Bitcoin miners have been selling off their BTC holdings, leading to a significant decline in their balances.

On-chain data shows that miners have moved thousands of BTC to centralized exchange Binance, which could result in more selling pressure on the cryptocurrency. This has caused BTC's price to fall below $27,000 once again, and if miners continue to sell, it could drop even further.

In the past, such large moves by miners have led to significant declines in BTC's value, and it remains to be seen if demand will pick up enough to trigger a recovery.