Which months saw the highest Bitcoin sales this year
Bitcoin miners have been selling more of their holdings in recent months, with June 2024 seeing some of the highest selling activity so far this year:
- On June 10, 2024, miners sold at least 1,200 BTC, the highest daily total in two months.
- The prior day, June 9, miners sent more than 3,000 BTC ($209 million) to exchanges, with the majority coming from the btc.com mining pool into Binance.
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- Marathon Digital, a U.S. mining company, has sold 1,400 BTC ($98 million) since the start of June.
The spike in miner selling coincided with Bitcoin reaching a new all-time high price of $70,083 on March 14, 2024. However, the price subsequently declined to around $66,000 before rebounding.
The increased selling activity can be attributed to miners looking to cash in on their holdings following the Bitcoin halving event, which reduced their daily mining revenue by 55% from the March 2024 peak of $78 million to the current $35 million.
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