Listed Miners Sold 28,000 BTC Year-to-Date, Adding $1.78 Billion in Selling Pressure to Bitcoin Market
Nashnova编辑部
Listed Bitcoin miners have sold roughly 28,000 BTC — about $1.78 billion — since January, forming a persistent but overlooked source of marginal sell pressure that punches well above its weight in a weak-bid market.
How much have the miners actually sold?
Blockware Intelligence tracking shows listed miners held about 127,000 BTC at the start of the year; that figure now sits near 99,000 BTC — a net sale of roughly 28,000 coins.
At current prices, the sell-down totals approximately $1.78 billion.
This means → these companies shed more than one-fifth of their reserves in under a year — a pace far more aggressive than most market participants realize.
Why are miners forced to sell?
The industry-average cost to mine one BTC is currently around $74,300, while the market price hovers near $64,000 — every coin mined is mined at a loss.
In plain terms = miners are "underwater": production cost exceeds selling price, so they liquidate existing inventory just to keep the lights on.
A growing number are pivoting their high-voltage power infrastructure toward AI compute services, chasing an alternative revenue line to offset the losses.
What does "marginal pricing" mean here — and why does it matter?
Blockware stresses that price is set by the marginal buyer and seller, not by cumulative volume.
This means → in a downtrend where bids are already thin, even a relatively modest but continuous flow of selling can deliver a disproportionate price impact.
For context, U.S. spot Bitcoin ETFs have seen net outflows exceeding $4.4 billion this year — a much larger source of pressure. But the miners' $1.78 billion hits differently: it is slow, steady, and largely invisible, eroding sentiment beneath the surface.
What happens to the miners who stay?
Bitcoin's network mining difficulty — a measure of competitive intensity — has dropped roughly 18% from its November peak.
This reflects a wave of large miners exiting or pivoting, objectively reducing competition.
In plain terms = this is a classic free-market shakeout. With more players gone, the remaining miners produce about 18% more BTC per unit of effort than ten months ago — life gets a bit easier for the survivors. Whether that improvement draws new entrants back in remains an open question.
Just how bad has BTC's year been?
Bitcoin is down 27% year-to-date to roughly $64,000, underperforming every major asset class including the S&P 500.
Market commentary has focused on ETF outflows and selling by long-dormant holders, while the miner sell-pressure thread has been chronically underestimated.
This means → understanding BTC's weakness requires looking beyond the demand side (who is buying) to the marginal shifts on the supply side — and miners are the quiet, persistent seller in the corner.
Content is for reference only, not financial advice.