Bitcoin Miners Cash In, Transfers Reach Two-Month High Amidst Market Fluctuations

Bitcoin miners are actively selling their holdings, with daily transfers from mining pools to exchanges reaching a two-month high. This surge in selling activity coincides with BTC's recent price fluctuations, including a brief dip from $70,000 to $66,000. Over-the-counter (OTC) trading volume has also increased, indicating miners' willingness to capitalize on market gains. Notably, Marathon Digital has sold a significant 1,400 BTC since the start of June, totaling approximately $98 million. The halving, which caused a drop in daily mining revenue, is likely a driving factor behind the increased selling activity. Currently, daily miner revenue stands at $35 million, down 55% from its peak in March.