Listed Bitcoin miners have sold approximately 28,000 BTC ($1.78B) YTD, adding structural supply pressure alongside ETF outflows and treasury liquidations.
Macro & Markets ·
Publicly listed Bitcoin miners have liquidated roughly 28,000 BTC this year, worth approximately $1.78 billion, according to Blockware Intelligence data. Holdings among these firms fell from 127,000 BTC at the start of 2026 to 99,000 BTC currently. This miner selling occurs alongside over $4.4 billion in net outflows from U.S.-listed spot crypto ETFs and treasury-firm liquidations, all contributing to Bitcoin's 27% decline since the beginning of the year.
Though miner sales remain smaller in absolute volume than ETF outflows, they function as structural supply pressure at the margin where prices are set. Average production costs for miners sit at $74,300 per BTC, squeezing profitability and motivating sales. Simultaneously, several large miners are exiting or shifting capacity toward AI infrastructure, which has reduced mining difficulty by roughly 18% from its November peak and eased competitive pressure on remaining operators.
The longer-term trajectory remains uncertain. The difficulty decline could attract new miners back to the industry if economics improve, potentially offsetting the exodus. Whether miner selling will persist at current rates or moderate as margins stabilize has not been determined.