Miners cashing out in Bitcoin rebound amount transferred to exchanges hits twomonth high

Miners cashing out in Bitcoin rebound amount transferred to exchanges hits twomonth high

Miners cashing out in Bitcoin rebound amount transferred to exchanges hits twomonth high

According to a report from CoinDesk, the blockchain data analysis company CryptoQuant has revealed that as the price of Bitcoin (BTC) fluctuates around a local high of $70,000, the amount of Bitcoin transferred from mining pools to exchanges this week has reached a new high in two months.


The amount of Bitcoin transferred from miners to exchanges, source: CryptoQuant
Due to the Bitcoin halving resulting in a decrease in daily mining revenue, miners are seeking to cash out their Bitcoin holdings, leading to a significant increase in the amount of Bitcoin sold through over-the-counter (OTC) trading desks. On Monday (the 10th), miners sold at least 1200 Bitcoins through OTC, marking the highest single-day total in two months.

Source:
CryptoQuant CEO Ki Young Ju
The day before, miners sent over 3,000 Bitcoins (approximately $2.09 billion) to exchanges, with the majority 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 from US Bitcoin miners have also increased, with publicly traded mining company Marathon Digital selling 1400 Bitcoins (approximately $98 million) since the beginning of this month.
CryptoQuant’s report adds that miners’ daily income is $35 million, a 55% decrease from the peak of $78 million in March. The decrease in income can be attributed to lower transaction fees after the Bitcoin halving.

Daily income of Bitcoin miners, source: CryptoQuant