Share this article
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.
Updated Jun 12, 2024, 7:11 p.m. Published Jun 12, 2024, 3:39 p.m.
- $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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
A16z Crypto to Open Seoul Office, Hire Sungmo Park to Lead Asia Efforts
Andreessen Horowitz's crypto venture capital unit pointed to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.
What to know:
- Venture fund a16z crypto is opening its first office in Asia, located in Seoul, and named Sungmo Park to lead it.
- The Seoul office aims to build partnerships and accelerate community growth across the region.
- South Korea's active onchain community and developer ecosystem probably influenced the fund's decision to choose Seoul over other Asian financial hubs.
Top Stories
