- $209 million worth of BTC transfers from miners to exchanges coincided with a move from $70,000 to $66,000.Marathon Digital has sold 1,400 bitcoin worth $98 million since the start of June.OTC volume also spiked to a two-month high.
As a seasoned crypto investor with a keen eye on market trends and miner behavior, I find the recent surge in BTC transfers from miners to exchanges quite intriguing. With $209 million worth of transactions occurring within a week, coinciding with a temporary correction from $70,000 to $66,000, it’s evident that miners are cashing in on their holdings amidst reduced daily mining revenue.This week, the amount of Bitcoin (BTC) moving from mining pools to cryptocurrency exchanges hit a two-month peak. The price of Bitcoin was hovering near its local maximum of $70,000 during this period, based on data from CryptoQuant’s report.
The demand for selling bitcoin through over-the-counter (OTC) desks increased significantly as miners sought to capitalize on their holdings after the bitcoin halving event. Consequently, this led to a decrease in the miner’s daily revenue from mining. On June 10 alone, miners sold a record high of approximately 1,200 BTC.
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Yesterday, over 3,000 BTC worth approximately $209 million was transferred from miners to cryptocurrency exchanges. A significant portion of this amount, around 55% or 1,687 BTC, originated from the btc.com mining pool and ended up on Binance. This surge in transfers occurred concurrently with a brief drop in bitcoin‘s price from $70,000 to $66,000. Bitcoin rebounded days later.
As a researcher studying Bitcoin mining activities in the United States, I’ve observed an uptick in selling behavior among miners. For instance, Marathon Digital has recently sold approximately 1,400 Bitcoins, equivalent to around $98 million, since the beginning of this month.
Miners’ daily earnings currently amount to $35 million, marking a significant decrease of 55% from their peak income of $78 million recorded in March. This decline is primarily due to reduced transaction fees following the halving event.
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2024-06-12 18:55