Bitcoin miners dramatically increased their outflows to 28,605 BTC, amounting to roughly $1.8 billion, on February 5, marking one of the biggest single-day transfers since November 2024.
On February 6, another 20, 169 Bitcoin, approximately $1.4 billion, departed from miners, related wallets, as per CryptoQuant’s data.
Miner Outflows vs. Public Sales
The amount of the February 5 and 6 outflows goes beyond the production of publicly reporting firms for January. Eight miners revealed their January data and their combined production was approximately 2, 377 BTC, which is significantly less than the 28,605 BTC transferred in one day on February 5.
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Mixed treasury moves among miners
Public miner disclosures reveal that miners have mixed their treasury moves. CleanSpark announced that it mined 573 BTC and sold 158.63 BTC, whereas Cango mined 496.35 BTC and disclosed selling 550.03 BTC. Canaan and LM Funding were among the other players who took different routes as Canaan increased its reserves and LM Funding declared that it had made no sales.
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Impact of winter storms on US miner hashrates
Exceptional winter storms battered some parts of the United States which led to a fall in Bitcoins hashrate for a short time. On January 27, the hashrate dropped to 663 exahashes per second over two days, indicating a decrease of more than 40%. Firms based in the US reported that their uptime was reduced, however, the hashrate recovered in early February.
Today, there is a misconception that a sudden increase of Bitcoins being sold from miners’ wallets would lead to a giant wave of capitulation across the market. However, reality is quite different, that is why we don’t hear of any significant downturns from the public sales point of view which remain very limited.
The traces that the market provides may easily be misunderstood as referring only to the big publicly listed players when, in fact, the activities go far beyond them. And the miners are definitely not standing still, they keep finding different ways and strategies to manage their treasures.
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