According to a report by CoinDesk, the blockchain data analysis company CryptoQuant has shown that as the price of Bitcoin (BTC) oscillates around the 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 amount of Bitcoin transferred from miners to exchanges, source: CryptoQuant
Due to the decrease in daily mining revenue 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) to exchanges, with the majority coming from btc.com pool to Binance. This surge in transfer coincided with a temporary correction in Bitcoin from $70,000 to $66,000.
Selling activity by US Bitcoin miners has also increased, with publicly traded mining company Marathon Digital selling 1,400 Bitcoins (approximately $98 million) since the beginning of this month.
CryptoQuant’s report added that miners’ daily revenue is $35 million, a 55% decrease from the peak of $78 million in March. The decrease in revenue can be attributed to the decrease in transaction fees after the Bitcoin halving.
Bitcoin miners’ daily revenue, source: CryptoQuant