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Bitcoin Mining Outflows Surge to $3.2 Billion
According to on-chain data, Bitcoin mining outflows surged to 48,774 BTC, valued at approximately $3.2 billion, between February 5 and 6, 2026. This significant movement of Bitcoin by miners does not necessarily indicate a capitulation, as many miners are still holding their assets despite the price volatility.
On February 5, outflows reached 28,605 BTC worth $1.8 billion, marking one of the largest single-day transactions related to miner wallet addresses since November 2024. The following day, an additional 20,169 BTC, valued at $1.4 billion, was withdrawn, reflecting ongoing market dynamics rather than panic selling.
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“The data shows that miners are not necessarily liquidating their assets due to fear of capitulation,” stated an analyst from Checkonchain.
In summary, while the outflows are substantial, they do not reflect a mass sell-off by miners, who are still facing challenges as Bitcoin trades below production costs.
Bhutan's Continued Bitcoin Sell-Off
The Royal Government of Bhutan has transferred 100 Bitcoin, valued at $6.77 million, to QCP Capital, continuing its strategy of managing its cryptocurrency holdings. This transaction suggests that Bhutan is actively preparing for potential sales in liquid markets, although the exact motives remain unclear.
Bhutan's Bitcoin holdings are primarily acquired through state-sponsored mining activities, which began in 2019, utilizing renewable hydropower. The government’s crypto portfolio is valued at approximately $381.56 million, with Bitcoin making up the majority of these assets.
“The movement of significant BTC amounts to institutional market makers indicates strategic financial activities in response to falling Bitcoin prices,” noted a report from Arkham Intelligence.
In conclusion, Bhutan's ongoing Bitcoin sales reflect a proactive approach to managing its cryptocurrency assets amid a challenging market environment.
Bitcoin Price Pressure and Mining Viability
As of February 2026, Bitcoin is trading below its production cost of $79,242, with current prices around $66,485. This situation has placed immense pressure on miners, many of whom are now forced to sell their holdings to cover operational costs and debts.
Recent data indicates that Bitcoin has lost over 30% of its value since its yearly high of $97,860 on January 14, 2026. The ongoing decline has led to a significant number of miners ceasing operations, particularly those using older Antminer S21 devices.
“The current market conditions have created an unprecedented crisis for Bitcoin miners, forcing many to liquidate their assets,” stated a mining industry expert.
In summary, the combination of falling prices and high production costs is creating a challenging landscape for Bitcoin miners, leading to increased selling pressure in the market.
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