$209 million worth of BTC transfers from miners to exchanges coincided with a move from $70,000 to $66,000.01:10mining 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 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.The prior day, miners sent more than 3,000 BTC to exchanges with the majority of that coming from the btc.com mining pool into Binance.
Selling activity among bitcoin miners in the U.S. has also increased with Marathon Digital selling 1,400 BTC 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.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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