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
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