Bitcoin saw a huge surge in outflows from miners’ wallets in early February, raising questions among investors.
At the time of writing, Bitcoin is currently at $66,286, up 0.03% since it opened early Wednesday in Asian trading.
In just two days, nearly 49,000 BTC have been moved, including 28,605 BTC on February 5 and 20,169 BTC the day after, according to data from onchain analytics firm CryptoQuant.
The value has reached billions of dollars, making it one of the biggest moves since November last year.
This comes as Bitcoin’s price has been on a sharp swing, from around $62,809 before surging back above $70,000.
In volatile markets, large transfers from miners are often seen as an early sign of selling pressure.
However, the ‘miner outflow’ figure does not necessarily mean that all of those BTC were sold on the open market.
It could also involve internal transfers, wallet reorganizations, or movements to other entities.
Interestingly, the amount transferred far exceeds the monthly production of some major public miners such as CleanSpark and Canaan, which collectively produced around 2,377 BTC throughout January.
This suggests that the large movement may have come from other players in the ecosystem, and not simply panic selling by listed companies.
At the same time, a winter storm in the United States also affected the Bitcoin network hash rate as mining operations were temporarily reduced.
However, the hashrate recovered in early February, indicating that the network remained stable.
