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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.
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.
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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.
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