Major Bitcoin Miners Sold 15,000+ BTC in Five Months as Prices Fell
Five publicly traded Bitcoin mining firms (CORZ, CLSK, RIOT, BTDR, CANG) sold over 15,000 BTC between October 2025 and February 2026 to meet rising operational and liquidity pressures. Monthly sales rose from roughly 1,300–1,500 BTC in October–November to ~3,100 BTC in December (driven by RIOT), 3,600 BTC in January (led by CORZ, CLSK, BTDR), and a peak of ~6,100 BTC in February (dominated by CANG). February’s spike coincided with Bitcoin’s average price slipping to about $70,000. CleanSpark reported converting 97.4% of its February production into cash, generating $36.65 million. The sustained selling injected substantial supply into the market, increasing downward pressure and raising questions whether selling has peaked or will continue into March. Traders should watch miner balance-sheet health, production-to-sale ratios, and monthly miner outflows as indicators of continued supply-side stress that could extend short-term volatility and influence price recovery.
Bearish
Large, sustained miner sell-offs increase circulating BTC supply and apply direct downward pressure on price, particularly when concentrated in a short period (6,100 BTC in February). Miners selling more as prices fall signals liquidity-driven selling rather than profit-taking, which is a bearish indicator: it suggests forced sales could continue if prices remain below miners’ breakevens. Historical parallels include periods after past halvings or price drops when miner liquidations contributed to extended drawdowns. Short-term impact: greater volatility and downside risk as markets absorb miner outflows. Mid-to-long-term impact: if miners manage to secure cheaper power, financing, or reduce costs, selling may abate and allow recovery; if cost pressures persist, sustained supply from miners can cap rallies and prolong bearish conditions. Traders should monitor miner weekly/monthly outflows, on-chain exchange inflows, miner production-to-sale ratios, and hash rate trends to gauge whether selling will continue or has peaked.