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.

In 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. $BTC