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 two-month high.
The number of Bitcoins transferred from miners to exchanges has increased as the daily mining revenue has decreased due to the Bitcoin halving. Miners are seeking to cash out their Bitcoin holdings, leading to a surge in Bitcoin sold through over-the-counter (OTC) trading desks. On Monday of this week, miners sold at least 1,200 Bitcoins through OTC, the highest single-day total in two months.
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 increase in transfer volume coincided with a temporary correction in Bitcoin’s price from $70,000 to $66,000.
Sell-off activities by American Bitcoin miners have also increased, with the publicly listed mining company Marathon Digital selling 1,400 Bitcoins (approximately $98 million) since the beginning of this month.
CryptoQuant’s report adds that miners’ daily revenue has decreased by 55% from its peak of $78 million in March to $35 million. The decrease in revenue can be attributed to the reduction in transaction fees after the Bitcoin halving.
