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.
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