Analysis Company Reveals the Truth: “Bitcoin Miners Started Moving BTC to Exchanges”

Bitcoin Miners Resell Holdings Amidst Price Struggles

Data from CryptoQuant indicates that miners are increasingly offloading their Bitcoin holdings. Last weekend, BTC flows from miners' wallets to exchanges reached their highest level in two months, signaling a sell-off.

"Miners were competing for 900 BTC per day two months ago, but now they are seeing a significant decrease in their daily competition," said HC Wainwright analyst Mike Colonnese.

CryptoQuant data reveals that on June 9th, hourly BTC transfers from miners to exchanges surged past 3,000. The following day, over-the-counter sales amounted to 1,200 BTC.

Following the May 11th halving, Bitcoin's price has faced resistance in exceeding $70,000. On June 13th, it dipped to $66,000.

"The sell-off coincides with a decline in miner revenues post-halving," said Julio Moreno, research manager at CryptoQuant. Daily revenue has dropped by 55% to $35 million since March's peak.

The Bitcoin network's daily transaction fees have also decreased by over 44% following the halving, despite record transaction volume.

Major publicly traded miners CleanSpark and Iren are experiencing strong performance despite the halving. Colonnese estimates that these companies generate a gross margin of over 50% on $70,000 worth of BTC, with an average production cost of $45,000 per Bitcoin.

Disclaimer: This information is not intended as investment advice.