Bitcoin Miners Cash in on BTC Rally as Crypto Exchange Transfers Hit Two-Month High
Bitcoin miners are taking advantage of the recent BTC rally, with transfers from miners to exchanges reaching a two-month high. According to a report by CryptoQuant, at least 1,200 BTC were sold on June 10, the highest daily total in two months.
Miners cash in on BTC rally
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 selling 1,400 BTC ($98 million) since the start of the month.
Daily miner revenue
The reduction in revenue can be attributed to lower transaction fees after the halving. Daily revenue for miners stands at $35 million, down 55% from the peak of $78 million in March.
“Miners are cashing in on the BTC rally, but at what cost?” - CryptoQuant
The increase in selling activity among miners has sparked concerns about the sustainability of the current BTC price rally. As miners continue to cash in on their holdings, will the market be able to sustain the upward momentum?
BTC price chart
Only time will tell, but one thing is certain - the current market dynamics are shaping up to be a wild ride.
