According to a report by 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 number of Bitcoins transferred from miners to exchanges, source: CryptoQuant
Due to the decrease in daily mining income caused by the Bitcoin halving, miners are looking to cash out their Bitcoin holdings. The amount of Bitcoin sold through over-the-counter (OTC) desks has also surged. On Monday (10th), miners sold at least 1200 Bitcoins through OTC, the highest daily 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 most coming from the btc.com mining pool to Binance. This increase in transfer volume coincided with a temporary correction of Bitcoin from $70,000 to $66,000.
Selling activity by American Bitcoin miners has also increased, with publicly listed mining firm Marathon Digital selling 1400 Bitcoins (approximately $98 million) since the beginning of this month.
CryptoQuant’s report further notes that miners’ daily income has decreased by 55% to $35 million from a 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
