Bitcoin whales devour miner capitulation: They absorbed $5.680 billion in BTC in one day

Bitcoin whales are absorbing billions of dollars after the double capitulation of miners and short-term holders, according to CryptoQuant.

Analysts on the platform have identified a massive accumulation movement by large investors following a period of volatility that forced the exit of weaker players in the crypto ecosystem. On-chain data confirms that the so-called "double capitulation," involving miners and short-term holders (STH), was structurally absorbed by mid- and large-scale portfolios, known as whales. 

On February 5, as the price of Bitcoin retreated towards the lower $60.000 range, these entities processed inflows worth $5.680 billion in a single dayFor analysts, this phenomenon suggests a transfer of ownership from speculative portfolios to hands with greater holding capacity, establishing a highly rigid technical floor near the $69.000 level, despite the prevailing macroeconomic uncertainty in global markets.

Bitcoin versus mining capitulation and short-term headlines

On February 5, the market experienced a systemic cleanup of leveraged positions and low-conviction traders. The Miners' Position Index (MPI) peaked at 2.95, indicating aggressive liquidation by mining companies. 

According to analysts, this group was forced to sell its BTC reserves to cover direct operating costs in an environment of declining profitability. Simultaneously, the Realized Price of STH holders—those who hold their assets for less than 155 days—stood at $92.009. With the market price well below this average, the SOPR of STH holders reached a value of 0.977, confirming that recent buyers executed BTC sales at significant losses.

CryptoQuant analysts they said This combined selling pressure generated a massive supply of Bitcoin in the spot market, which in previous cycles would have caused a freefall in price. However, the current market structure showed a different response due to the coordinated intervention of whales. 

Market flow data indicates that these entities took advantage of the miners' exit to increase their exposure. The capitulation did not result in a prolonged downtrend, but rather in a rotation of capital towards off-exchange wallets, immediately reducing the available supply.

Strategic accumulation by whales is supporting the price of Bitcoin

The absorption of these $5.680 billion in Bitcoin was led by wallets that hold between 100 and 1.000 BTCAccording to the platform's report, this segment dominated the market, accounting for 77% of total entry dominance during the price pullback. 

The change in the realized capital of long-term holders (LTH) over a 7-day period reflects strong conviction; these investors maintained a positive change of $1.880 billion as of February 10. This steady inflow of capital near the $69.000 per BTC level has created a support barrier that makes further deep corrections unlikely, according to experts.

On the other hand, the CryptoQuant report underscores that this behavior appears to be a structural response to available liquidity. When miners and small investors exited their positions under pressure, whales acted as institutional counterparties. This strengthened the long-term holder base, although it also concentrated the BTC supply in fewer hands. Even so, the ability of these large players to absorb billions of dollars in a single day demonstrates a deep liquidity that underpins Bitcoin's current valuation, even as mining profitability indicators show signs of weakness.

Cryptocurrency miners face their biggest challenge yet

Despite the successful absorption of the BTC supply by crypto whales, the mining sector remains under considerable financial strain. The Hashprice, which fell to a low on February 5, managed to recover to 0.035 on February 9. However, this figure is still below the 365-day moving average, which stands at 0.048. 

According to analysts on the platform, this means that miners' revenue from their computing power on the blockchain is still insufficient to guarantee long-term operational stability if the cryptocurrency's price remains stagnant at current levels. The risk of renewed selling pressure persists if Bitcoin miners need to liquidate more reserves to keep their equipment running.

Industry experts warn that, although a scenario conducive to a "supply shock" has developed due to whale accumulation, the market needs an external demand catalyst to start a new upward phase. 

The short-term holders' base price, set at $91.855, acts as a significant psychological and technical resistance level. Analysts predict that Bitcoin's price will fluctuate within a consolidation range until buying volume surpasses the STH resistance. Meanwhile, attention is focused on the behavior of whales, whose buying activity has prevented a larger collapse, but whose future inaction could leave the market vulnerable to the financial fragility of cryptocurrency miners.