According to a report by CoinDesk, the blockchain data analysis company CryptoQuant has shown that as the price of Bitcoin (BTC) oscillated around a local high of $70,000, the amount of Bitcoin transferred from mining pools to exchanges this week reached a new high in two months.
The amount of Bitcoin transferred from miners to exchanges, source: CryptoQuant
Due to the Bitcoin halving, which resulted in a decrease in daily mining revenue, miners are seeking to cash out their Bitcoin holdings. The amount of Bitcoin sold through over-the-counter (OTC) desks has also surged. On Monday (the 10th), miners sold at least 1,200 Bitcoins through OTC, the highest single-day total in two months.
Source: CryptoQuant CEO Ki Young Ju
The day before, miners sent over 3,000 Bitcoins (about $2.09 billion) to exchanges, with most of it coming from the btc.com mining pool to Binance. This surge in transfer coincided with a temporary correction in Bitcoin’s price from $70,000 to $66,000.
Selling activities by U.S. Bitcoin miners have also increased, with publicly traded mining firm Marathon Digital selling 1,400 Bitcoins (about $98 million) since the beginning of this month.
CryptoQuant’s report added that miners’ daily revenue is $35 million, a 55% decrease from the peak of $78 million in March. The decrease in revenue is attributed to the reduction in transaction fees after the Bitcoin halving.
Bitcoin miners’ daily revenue, source: CryptoQuant
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