Crypto: Bitcoin Miner Outflows Spike In January, But Public Sales Remain...

Onchain data shows nearly 49,000 BTC moved from miner wallets in two days, but public disclosures suggest the transfers do not reflect broad capitulation.

Bitcoin miner outflows jumped to 28,605 BTC, worth about $1.8 billion, on Feb. 5, one of the largest single-day transfers since November 2024, as prices swung sharply during a volatile trading session.

Another 20,169 Bitcoin (BTC), worth about $1.4 billion, left miner-linked wallets on Feb. 6, according to data from CryptoQuant. The last comparable spike occurred on Nov. 12, 2024, when outflows reached 30,187 BTC.

The spike coincided with sharp price swings, with BTC trading at about $62,809 on Feb. 5 before rebounding to $70,544 a day later. Large miner wallet transfers during volatile sessions often draw scrutiny because they can signal potential selling pressure.

Eight miners disclosed January figures so far: CleanSpark, Bitdeer, Hive Digital Technologies, BitFuFu, Canaan, LM Funding America, Cango and DMG Blockchain Solutions. They reported a combined production of roughly 2,377 BTC for the month. That total is far below the 28,605 BTC transferred in a single day on Feb. 5.

The scale of the Feb. 5 and Feb. 6 outflows exceeds the January production of the publicly reporting firms reviewed by Cointelegraph.

Even combining disclosed January sales from CleanSpark, Cango and DMG, confirmed selling amounts remain a fraction of the 28,605 BTC transferred in a single day.

However, miner outflows do not automatically equate to capitulation or immediate spot-market selling.

According to CryptoQuant, miner outflow includes transfers to exchanges as well as internal wallet movements and transfers to other entities, meaning the metric does not by itself confirm that coins were sold on the open market.

Given the scale of the transfers relative to disclosed public miner sales, the movements may reflect activity beyond large, listed firms.

Source: CoinTelegraph