Bitcoin (BTC) transfers from mining pools to exchanges reached a two-month high this week. This happened at a time when the price of BTC was hovering around a local high of $70 thousand.
Long position index chart for $BTC
Over-the-counter sales also increased. Miners are eager to cash out their assets after the mining reward is halved. This led to a drop in daily mining income.
On June 10, miners sold at least 1,200 BTC - this is the maximum daily total in two months. The previous day, miners sent over 3,000 BTC ($209 million) in exchange with the majority coming from the btc.com mining pool to Binance. The surge in transfers coincided with a temporary correction in the Bitcoin rate. It fell from $70k to $66k before recovering a few days later.
Short position index chart for $BTC
Sales activity among Bitcoin miners in the US has also increased. For example, Marathon Digital (MARA) has sold 1,400 BTC ($98 million) since the beginning of the month. Miners' daily revenue is $35 million, down 55% from a peak of $78 million in March. The decrease in revenue can be explained by a decrease in transaction fees after the block reward was halved.
At the time of writing, the Bitcoin (BTC) rate is 68,200 thousand dollars.
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