- Trending
- Comments
- Latest
Bitcoin miners moved $3.2 billion worth of BTC across just two days this month in one of the largest miner outflow events in recent memory — but on-chain analysts say the headline number may be far more alarming than what actually hit the market.
The transfers, tracked by on-chain data, coincided with sharp price volatility that saw BTC dip before rallying, showing growing nervousness in Bitcoin markets.
On Feb. 5, mining-linked wallets recorded a 28,605 BTC outflow valued at roughly $1.8 billion, one of the largest single-day moves since late 2024, according to CryptoQuant data.
Another 20,169 BTC, about $1.4 billion, left miner wallets on Feb. 6, pushing the total to $3.2 billion over two days.
While the numbers are eye-catching, analysts caution against interpreting the flows as blanket selling to markets.
“Outflows from miner wallets include internal transfers, exchange movements, and strategic reallocations, not just spot market sales.”
Alex Thorn, chief analyst at Valkyrie Investments, said in a commentary to CoinCentral.
Also Read: White House gives crypto and banks until March 1 to resolve stablecoin yield standoff
Despite the outsized outflows, publicly reporting mining firms have disclosed limited direct sales so far.
In January, CleanSpark mined 573 BTC and sold just 158.63 BTC, ending the month with a sizeable BTC balance. Cango also reported modest sales to support expansion plans.
“This is not broad-based panic selling. Some transfers reflect liquidity management and risk hedging rather than distress-driven liquidation.”
Lena Cho, senior on-chain strategist at CryptoQuant, said.
Still, the sheer scale of the two-day outflows dwarfs miners’ recent production.
Eight firms that disclosed January figures collectively mined just 2,377 BTC, a small fraction of the BTC moved in early February.
The rush of miner outflows unfolded against notable price volatility. Bitcoin traded near $62,800 on Feb. 5 before recovering to around $70,500 a day later.
Liquidity analysts note that when miners transfer large volumes of BTC at times of price stress, markets can interpret the flows as potential selling pressure, which may feed into bearish sentiment.
Data from AInvest’s flow analysis suggests miners like Cango sold thousands of coins recently to bolster balance sheets and reduce leverage, further adding BTC supply into the market.
At the same time, spot ETF and institutional flows have been challenging, with recent outflows from spot Bitcoin funds exerting additional supply pressure in a delicate macro environment.
Market participants remain divided on the interpretation of these miner flows. A bullish view shows that large wallet transfers need not translate into spot sales and may reflect treasury rebalancing or strategic movements.
Public miner disclosures showing restrained selling support this perspective.
Critics argue that heightened miner liquidity could weigh on price recovery, especially if sustained over longer periods or coinciding with institutional capital flight.
Analysts will be watching February miner disclosures, hashrate trends, and institutional capital flows closely in the coming weeks.
If outflows persist without corresponding accumulation, the market could face renewed selling pressure that complicates BTC’s near-term outlook.
Reviewed on-chain data and exchange metrics will be key barometers in assessing whether this event was a temporary liquidity episode or a deeper structural shift in miner behaviour.
