Transfers from Bitcoin (BTC) mining collectives to exchanges surged to a two-month zenith this week, as BTC flirted with its local apex of $70,000, according to a report by CryptoQuant. This market dynamism is indicative of a broader trend, as miners endeavor to capitalize on their BTC reserves following the recent Bitcoin halving, which precipitated a decline in daily mining proceeds.

Over-the-counter (OTC) desk sales witnessed a concomitant uptick, with miners offloading substantial holdings. On June 10, miners liquidated at least 1,200 BTC, marking the highest daily total in two months. The preceding day saw an even more pronounced activity, with miners dispatching over 3,000 BTC, equivalent to $209 million, to exchanges. A significant portion of this transfer originated from the btc.com mining pool and was funneled into Binance. This surge in transactions correlated with a temporary market correction, where Bitcoin’s value dipped from $70,000 to $66,000, only to rebound shortly thereafter.

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The selling momentum among U.S.-based Bitcoin miners has similarly intensified, with Marathon Digital (MARA) liquidating 1,400 BTC, valued at $98 million, since the month’s onset. According to the report, daily mining revenue currently stands at $35 million, a stark 55% reduction from its March peak of $78 million. This revenue contraction is largely attributable to diminished transaction fees post-halving.

Miners, navigating the undulating crypto market, are strategically timing their sales to maximize returns, leveraging both exchanges and OTC avenues to disseminate their holdings efficiently. The interplay between market dynamics and miner behavior continues to shape the crypto landscape, underscoring the complex economic forces at play.