Increased miner #outflow occurs around halving events in the cryptocurrency market, such as those in July 2016 and May 2020 for #Bitcoin. Miners sell more of their mined cryptocurrencies to cover costs ahead of #halving, where mining rewards are reduced by half. This selling pressure by miners contributes to downward pressure on prices before halving events.

n this cycle, we can see that the outflow rate soared sharply in January 2024. This is because miners moved a large amount of their holdings to the #ETF with the approval of the #BTC #ETF✅

✅✅✅ Unusual Exchange Outflows
31,132.06 #BTC ($1,144,600,644)
aggregated outflows from multiple exchanges in an hour

1. Binance 30,819 BTC (98%)
2. Coinbase_pro 142 BTC (0%)
3. Bybit 57 BTC (0%)

Please note that large withdrawals from exchanges that don’t support custody solutions or OTC desks could be an internal transfer. We would change data if there is evidence of an internal transfer after investigating wallets.

#btcoutflow #outflow