News
Bitcoin Miners Profit as BTC Rally as Crypto Transfers Hit Two-Month High
-
BTC transfers from miners to exchanges worth $209 million coincided with a move from $70,000 to $66,000.
-
Marathon Digital has sold 1,400 bitcoins worth $98 million since the beginning of June.
-
OTC volume also rose to two-month highs.
According to a report from CryptoQuant, transfers from bitcoin {{BTC}} mining pools to exchanges hit a two-month high this week, while BTC hovered around its local high of $70,000.
Sales through OTC desks have also increased as miners look to cash out their holdings following the bitcoin halving, which has caused a drop in daily mining revenue. On June 10, miners sold at least 1,200 BTC, the highest daily total in two months.
Miner Daily Revenue (CryptoQuant)
The previous day, miners sent more than 3,000 BTC ($209 million) to exchanges, most of which came from the btc.com mining pool on Binance. The surge in transfers coincided with a temporary correction in bitcoin, which fell from $70,000 to $66,000 before rebounding days later.
Selling activity among bitcoin miners in the US has also increased with Marathon Digital (MARA) selling 1,400 BTC ($98 million) since the start of the month.
Miners’ daily revenue stood at $35 million, down 55% from a peak of $78 million in March, the report added. The reduction in revenue can be attributed to lower transaction fees after the halving.