Yonsei_dent
<Now that BTC halving is approaching, how will miners react?>
You can observe an increase in đ miner outflow around July 2016, when the second halving occurred, and May 2020, when the third halving occurred. This is a move to prepare for the fact that mining rewards will be reduced by half due to halving, and the purpose is to cover operating costs in advance. Typically, massive selling by miners ahead of a halving event puts downward pressure on prices. đWhat is unique is that Miner Outflow changes according to the times. The reason why the outflow during the third halving was smaller than before was because prices fell due to the COVID-19 shock and it was impossible to make a large profit by selling. 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. Some experts have warned that there could be significant downward pressure on the market by miners immediately after the halving. However, looking at the steady increase in outflowđ˘ during 2023, it appears that miners have been covering operating costs by selling quantities from time to time. Given that there is a large amount of stock in the ETF and that the halving has been prepared in advance, I think it is unlikely that miner selling will occur suddenly.