You can observe an increase in Miner outflows when the second Halving occurred in July 2016 and the third Halving occurred in May 2020.

The move was made in response to the fact that the mining rewards were halved due to the Halving, with the aim of covering operating costs in advance.

Typically, a massive sell-off by Miners before a Halving event puts downward pressure on prices.

Uniquely, Miner outflow changes with the times.

The reason why the outflow during the third halving was smaller than before was that the price falls due to the COVID-19 shock, and it was not possible to make a huge profit by selling.

In this cycle, we can see a sharp spike in the outflow rate in January 2024. This is due to the fact that Miner transferred a large number of holdings to ETF with the approval of the BTC ETF.