Tweeting on June 2, Ki Young Ju, CEO of on-chain crypto analytics platform CryptoQuant, revealed the apparent relationship between the BTC spot price and mining pool wallet outflows.
According to data from CryptoQuant, the major Bitcoin price declines on May 20 and June 2 correspond with significant outflows from unknown miners.
Reports indicate that inefficient miners are offloading their BTC hoard following the block reward halving. Last week, miners sold 673 more Bitcoin than they generated. It's a likely sign that a shakeout of weaker mining hands is already underway.