Bitcoin Miner Wallet Transfers Hit $1.8 Billion as Price Volatility Spikes
Large-scale transfers from miner-linked wallets totaling nearly 50,000 BTC over two days have raised questions about selling pressure, though disclosed sales remain modest.
Bitcoin miner-associated wallets transferred 28,605 BTC valued at approximately $1.8 billion on February 5, marking one of the highest single-day movements since November 2024. An additional 20,169 BTC worth roughly $1.4 billion moved the following day, according to CryptoQuant data.
The transfers occurred during significant price volatility, with Bitcoin trading around $62,809 on February 5 before recovering to $70,544 within 24 hours. However, these movements don't necessarily indicate direct market selling, as miner outflows can include exchange deposits, internal transfers, and movements to other entities.
Eight publicly-traded mining companies that reported January figures produced a combined total of approximately 2,377 BTC for the month—substantially less than the single-day transfer volume. CleanSpark mined 573 BTC while selling only 158.63 BTC, while Cango sold 550.03 BTC to fund its artificial intelligence operations.
The mining sector also faced operational challenges in late January when severe winter weather in the United States caused network hashrate to drop over 40% to 663 exahashes per second. Miners including Marathon Digital and Iren reduced operations to support regional power grids during extreme cold conditions before hashrate recovered in early February.
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