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.

AccessTimeIconJun 12, 2024 at 3:39 p.m. UTC
Updated Jun 12, 2024 at 7:11 p.m. UTC
  • $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.
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  • Transfers from bitcoin (BTC) 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.

    Daily miner revenue (CryptoQuant)
    Daily miner revenue (CryptoQuant)

    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.

    Edited by Stephen Alpher.

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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


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