Cryptocurrency miners lost $ 3.2 billion in just two days

The outflow of bitcoins from wallets associated with cryptocurrency miners increased sharply in early February: 48,774 BTC worth about $ 3.2 billion were moved in two days, on February 5−6. This is evidenced by online data that records transactions from miner addresses. At the same time, such movements do not mean automatic sale on the market — they may include transfers to exchanges, internal movements between wallets, or transfer of assets to other participants.

on February 5, outflows reached 28,605 BTC (approximately $ 1.8 billion), one of the largest one-day figures since November 2024. The next day, another 20,169 BTC (about $ 1.4 billion) was recorded. A similar surge last occurred on November 12 last year.

The movement of large volumes coincided with a drop in the price of Bitcoin: the asset dropped to $ 62.2 thousand, after which it recovered to $ 66.4 thousand. During periods of volatility, such transactions are often perceived as a signal of possible selling pressure, although there is no direct evidence of this.

Reports of public mining companies for January do not show commensurate sales volumes. Eight companies, including CleanSpark, Bitdeer, Hive Digital Technologies, and others, declared a total of 2,377 BTC mined in the month. Sales were much lower: CleanSpark reported sales of 158 BTC, Cango — 550 BTC, while other companies either did not disclose data or reported no sales. This suggests that the outflow on February 5−6 cannot be directly correlated to their activities.

The situation is unfolding amid pressure on miners due to a drop in price below the cost of mining. According to Checkonchain, the cost of producing one BTC is estimated at more than $ 79 thousand, while the market price at the time of publication was about $ 66.5 thousand. Additionally, a transaction was reported by the Royal Government of Bhutan, which transferred 100 BTC to QCP Capital, which may be related to liquidity management. In general, Bitcoin has lost more than 30% of its value since the peak of the year at $ 97.8 thousand on January 14, which increases pressure on the market and miners.