According to a report by CoinDesk, blockchain data analysis company CryptoQuant has revealed that as the price of Bitcoin (BTC) fluctuated 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 quantity of Bitcoin transferred from miners to exchanges, source: CryptoQuant
Due to the decrease in daily mining income caused by the Bitcoin halving, miners are seeking to cash out their Bitcoin holdings, leading to a significant increase in the amount of Bitcoin sold through over-the-counter (OTC) desks. On Monday (10th), miners sold at least 1,200 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), with the majority coming from btc.com mining pool to Binance. This surge in transfer coincided with a temporary correction of Bitcoin from $70,000 to $66,000.
Selling activities by U.S. Bitcoin miners have also increased, with publicly traded mining firm Marathon Digital selling 1,400 Bitcoins (approximately $98 million) since the beginning of this month.
CryptoQuant’s report also notes that miners’ daily income has decreased by 55% from the peak of $78 million in March to $35 million. The decrease in income can be attributed to the reduction in transaction fees after the Bitcoin halving.
Daily income of Bitcoin miners, source: CryptoQuant