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Bitcoin Miners Cash in on BTC Rally as Crypto Exchange Transfers Hit Two-Month High
Among those selling, Marathon Digital offloaded 1,400 BTC worth nearly $100 million since the start of the month.
In this article
- $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.
Transfers from bitcoin
mining pools to exchanges reached a two-month high this week as BTC hovered around its local high $70,000, according to a report by CryptoQuant.Selling via over-the-counter (OTC) desks also spiked as miners look to cash in on their holdings following the bitcoin halving, which caused a drop in daily mining revenue. Miners sold at least 1,200 BTC on June 10, the highest daily total in two months.
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The prior day, miners sent more than 3,000 BTC ($209 million) to exchanges with the majority of that coming from the btc.com mining pool into Binance. The spike in transfers coincided with a temporary correction in bitcoin as it fell from $70,000 to $66,000 before rebounding days later.
Selling activity among bitcoin miners in the U.S. has also increased with Marathon Digital (MARA) selling 1,400 BTC ($98 million) since the start of the month.
Daily revenue for miners stands at $35 million, down 55% from the peak of $78 million in March, the report added. The reduction in revenue can be attributed to lower transaction fees after the halving.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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