February 6 News, as Bitcoin prices sharply declined, mining company MARA Holdings exhibited unusual on-chain activity, with its stock price dropping nearly 19% in a single day. Data shows that MARA transferred a total of 1,318 Bitcoins to multiple platforms and custodians within 10 hours, valued at approximately $87 million based on the day’s price, sparking market concerns over “forced Bitcoin sales by miners.”
The largest transfer was 653.773 Bitcoins to digital asset management firm Two Prime, which later added nearly 9 more BTC. Additionally, two large Bitcoin transfers went to wallet addresses associated with BitGo, totaling about 300 BTC. Meanwhile, 305 Bitcoins were transferred to a newly registered wallet, with the recipient’s identity undisclosed.
This transfer occurred amid Bitcoin’s short-term dip below $60,000 and a chain reaction of liquidations in the crypto market. On-chain analysts note that while large transfers do not necessarily equate to spot sales, during periods of tightening liquidity, abnormal activity in miner wallets is often seen as a potential supply signal, which can amplify market panic.
Transfers related to Two Prime have attracted extra attention because they involve credit trading attributes. If these Bitcoins are used as collateral or involved in structured strategies, it does not necessarily mean they have entered circulating supply. However, industry-wide, miners are under severe operational pressure. Currently, Bitcoin prices have retraced nearly half from their 2025 highs and are about 20% below the industry-estimated average production cost.
When Bitcoin prices fall below mining costs, history suggests miners are often forced to sell inventory to maintain cash flow, which could further exacerbate downward risks. According to on-chain data platforms, Bitcoin miners’ daily revenue has significantly declined, and mining profit margins continue to shrink.
As a result, the entire mining sector is under pressure, with many publicly listed mining companies’ stock prices declining simultaneously. The market is closely monitoring on-chain activity of miners to assess whether a sustained “passive sell-off” will occur. If large miners continue to release Bitcoin liquidity, it could further suppress prices in an already fragile market environment.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
STRC Becomes Key Weapon? Strategy Approaches BlackRock Bitcoin Holdings, Institutional Showdown Enters Peak Competition
Strategy is rapidly catching up to BlackRock in Bitcoin holdings, currently holding 761,068 BTC valued at approximately $57 billion. The company continues to increase positions through funding via its preferred stock product STRC. Despite stable funding sources, it faces equity dilution and market risks, with future competitive dynamics dependent on macroeconomic liquidity and financing channels.
GateNews13m ago
Prediction Markets Shift Collectively: Iran Conflict May Prolonged, Bitcoin and Inflation Face Intensified Pressure
Due to tensions in the Middle East, short-term ceasefire expectations have declined, affecting global inflation and interest rates, and putting pressure on risk assets like Bitcoin. Analysis suggests that high oil prices and high interest rates will continue to suppress the crypto market, with future market trends closely tied to geopolitical developments.
GateNews18m ago
France's Crypto "Wrench Attack" Escalates: Teenagers Involved in Kidnapping Extortion, Bitcoin Holders' Safety Concerns Intensify
France has recently experienced a rise in cryptocurrency-related violent crime, with kidnapping cases involving crypto influencer families raising security concerns. Police have detained multiple suspects, and the cases indicate organized cross-border crime trends. Analysis suggests that the traceability of digital assets makes them attractive targets for criminals, and users need to prioritize asset security.
GateNews19m ago
Visa and Stripe act simultaneously: AI agents can make autonomous payments, and stablecoin payment infrastructure enters a new stage
As the convergence of AI and stablecoin payments accelerates, Visa has launched the Visa CLI tool, which enables AI agents to complete payments directly, enhancing automation levels. Meanwhile, Tempo, backed by Stripe, has launched with a machine payment protocol to meet the high-frequency trading needs of AI. AI agents are gradually becoming economic participants with autonomous trading capabilities, and in the future may accelerate the realization of automated procurement and cross-border payments.
GateNews27m ago
