Hi, hodlers! What’s going on with Bitcoin Miners selling off huge portions of their holdings? Data from CryptoQuant shows that our Bitcoin heroes have been shipping off Bitcoin to exchanges in large volumes.

Related: “Bitcoin Should Be Made In The USA” Trump Declares After Meeting With Mining Industry Heads

As of June 9th, these guys have sent over 3,000 BTC worth approximately $207 million, reaching a two-month high. Now, here’s where things get interesting. Sometime in March, an X user noticed a huge dump from a miner who has been hodling since 2010. This was even before the halving. 

You’ve got to ask at this point if there’s an apocalypse coming for the crypto market that we don’t know of. 

Of course, we know a lot of miners have been struggling since the fourth ‘halving’ event. This event, which occurred in April, saw the fixed BTC block reward drop by 50%, reducing it from 6.25 BTC to 3.125 BTC per block. This significant reduction has put pressure on miners, leading to a change in strategy.

Trust the crypto market to react to such a huge dump. This move was followed by a 3% correction in Bitcoin’s price, which dropped to $66,000 on Tuesday, although it has since recovered.

We also found out from the CryptoQuant report that miners have been selling their coins over-the-counter (OTC), with a notable spike in OTC selling on Monday, where they offloaded 1,200 BTC for about $83 million. 

This was their largest daily selling volume since a 1,600 BTC sell-off day in late March.

The halving event has significantly impacted the profitability of Bitcoin mining. With the block reward reduced and network fees remaining relatively low, the industry has faced a seismic loss of revenue. Despite the halving, Bitcoin’s total hash rate has only declined by 4%, indicating that it remains almost as difficult and costly to mine a Bitcoin block.

You might think only small-time Bitcoin miners would need to cash out some of their coins. But surprisingly, even big publicly traded mining companies are selling off some of their Bitcoin stash. 

Take Marathon Digital (MARA), for instance. They’ve already sold 1,400 Bitcoins in June – that’s about 8% of their total reserves before the sale. And that’s on top of the 390 Bitcoins they sold in May.

Now, there’s some speculation as to why Marathon Digital sold over $70m worth of Bitcoin. Could it have been to cover some operating cost or putting some small mining company out of business through acquisition? Anyway, we may never find out.

CryptoQuant’s data showed that Bitcoin miners were “extremely underpaid” in May, and have only returned to being “fairly paid” in June. The firm calculates miner overpaid and underpaid by comparing the 30-day percentage change of the U.S. dollar value of the block reward to the 30-day percentage change in mining difficulty.

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The news of Bitcoin miners beginning to sell their coin reserves has sparked various reactions within the crypto market. Some analysts see this as a natural response to the halving and the subsequent decrease in profitability. 

Others, however, are concerned about the potential impact on Bitcoin’s price and overall market stability.

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