CryptoQuant: Over 1 billion USD worth of BTC sent to trading platforms, miner outflow reaches a six-year high

On January 12th, according to CoinDesk, the outflow of funds from Bitcoin miners has reached its highest point in years. Thousands of Bitcoins worth over $1 billion have been sent to trading platforms.
CryptoQuant analyst Bradley Park stated that most of the Bitcoins were transferred from mining pool company F2Pool. This move is due to increasing costs faced by miners. Park pointed out that the cost increase for F2Pool's transfer to Kazakhstan and the need to upgrade miners to Bitmain's latest Antminer T21 before halving resulted in reduced mining rewards and decreased output per machine, which is the reason for the fund outflow. F2Pool's hash rate has already started increasing, indicating that they have begun upgrading their capacity. Historically, fund outflows from miners to trading platforms may be a bearish signal for Bitcoin prices as they usually occur before price declines. However, this is not always the case and correlation is not absolute.