Bitcoin miner outflows surged to nearly $3.2 billion worth of BTC over two days in early February, marking some of the largest single-day transfers in months. The spike occurred during a period of high price volatility, with BTC swinging from about $62,809 to $70,544. Data shows the scale of these outflows far exceeded the reported January production of several major public mining firms, though transfers do not automatically equate to immediate market selling.
Bitcoin miner outflows jumped to 28,605 BTC, worth about $1.8 billion, on Feb. 5. This was one of the largest single-day transfers since November 2024, as prices swung sharply during a volatile trading session.
Another 20,169 Bitcoin, 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.
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.
Given the scale of the transfers relative to disclosed public miner sales, the movements may reflect activity beyond large, listed firms. Public miner disclosures show mixed treasury moves among different companies.
CleanSpark reported mining 573 BTC and selling 158.63 BTC during the month, ending January with 13,513 BTC on its balance sheet. Cango mined 496.35 BTC and disclosed selling 550.03 BTC.
On Feb. 9, the company sold an additional 4,451 BTC for about $305 million to partially repay a Bitcoin-collateralized loan and fund its AI pivot. Other firms took a different approach.
Canaan mined 83 BTC and increased its reserves to 1,778 BTC and 3,951 ETH. LM Funding mined 7.8 BTC and reported no sales, lifting its treasury to 364.1 BTC.
Meanwhile, Hive used structured pledge mechanics tied to 480 BTC to preserve liquidity while maintaining operations. Network hashrate also fluctuated sharply in late January as severe winter storms hit parts of the United States.
On Jan. 27, Bitcoin’s hashrate fell to 663 exahashes per second over two days, marking a more than 40% drop. The temporary decline came as miners curtailed operations to stabilize regional power grids during extreme cold and surging energy demand.
