Large Investors Absorb Miner and Short-Term Selling, Bitcoin Stabilizes
Bitcoin experienced a sharp sell-off in early February as short-term investors and miners simultaneously sold into price declines — BTC dipped toward $60,000. Miner Position Index and STH SOPR signaled forced miner sales and loss-taking by new holders (Miner Position Index reached 2.95; STH SOPR ~0.977). Larger investors and long-term holders absorbed most of the supply: wallets holding 100–1,000 BTC accounted for 77% of inflows, and long-term holders increased holdings by about $5.68 billion, helping stabilize prices near $69,000. Despite reduced selling pressure (Miner Position Index falling to -1.31), miner revenues and hash-price remain below annual averages, leaving miners vulnerable to volatility and low income. Short-term investors still have a break-even around $91,855, so further loss-driven selling could resume if BTC stays under that level. Net effect: coordinated accumulation by whales and long-term holders calmed a dual-sided sell wave, lowering immediate bearish risk but leaving structural miner and short-term holder vulnerabilities. Keywords: Bitcoin, BTC price, miners, whales, long-term holders, STH SOPR, Miner Position Index.
Neutral
The article describes a stabilization event: short-term holders and miners sold large volumes, but whales and long-term holders absorbed most supply, preventing a sustained crash. That absorption is bullish in the short term because it removed immediate selling pressure and supported prices around $69k. However, underlying vulnerabilities remain — miner revenues and hash-price are below averages and many short-term investors remain underwater (break-even ~ $91,855). Those factors preserve the risk of renewed downside if demand softens or if another selling trigger appears. Historically, similar patterns (miners/weak hands selling met by whale accumulation) have led to consolidation phases and occasional short squeezes rather than strong trend reversals until miner economics improve or on-chain demand grows. Therefore the net impact is neutral: stabilizing now but not an unequivocal bullish signal for a sustained uptrend.