Bitcoin Miners Trigger “Sell-Off Wave” as Halving Slashes Earnings
According to a report by CryptoQuant, Bitcoin (BTC) miners have initiated a significant sell-off as Bitcoin’s price neared $70,000 this week, marking the highest transfer of BTC from mining pools to exchanges in two months.
The Bitcoin halving event has led to a decrease in daily mining revenue, prompting miners to cash out their holdings. This has resulted in a surge in the number of Bitcoins sold through over-the-counter (OTC) desks. On June 10, miners sold at least 1,200 Bitcoins, setting a two-month high for single-day sales.
The previous day, miners sent over 3,000 Bitcoins (approximately $209 million) to exchanges, primarily from the btc.com mining pool to Binance. This concentrated sell-off by Bitcoin miners caused BTC to drop from $70,000 to $66,000.
The sell-off trend has been notable among U.S. Bitcoin miners as well. Marathon Digital Holdings (MARA) has sold 1,400 Bitcoins (approximately $98 million) since the beginning of the month.
Currently, Bitcoin miners’ daily revenue stands at $35 million, a 55% decline from the March peak of $78 million. This reduction in revenue can be attributed to the decreased income post-halving.
The ongoing sell-off by miners underscores the financial pressures faced by the industry following the halving event. As miners seek to maintain profitability, the increased liquidity could impact Bitcoin’s market dynamics in the coming months.
