Bitcoin’s [BTC] retreat from the $126,000 peak in October 2025 triggered a notable shift in miner treasury behavior. As prices cooled down, public mining companies began accelerating transfers of BTC to exchanges.
At the same time, mining profitability tightened sharply as hashprice dropped below $30 per PH/s, compressing margins across the industry. Meanwhile, the post-halving reward remains 3.125 BTC per block, producing roughly 450 BTC of new supply daily. As operational costs rise, miners have been increasingly liquidating reserves to maintain cash flows.
Since October 2025, publicly listed miners have sold more than 15,000 BTC. Major transactions include Cango’s 4,451 BTC disposal, alongside large sales from Bitdeer, Riot Platforms, and Core Scientific. As a result, the total miner balance now stands near 1,780,305 BTC.
This shift carries structural implications. Miners represent the primary source of new Bitcoin supply. When treasury holdings decline, additional coins enter circulation, temporarily expanding sell-side liquidity and reinforcing downward pressure across the market.
CleanSpark signals miner treasury shift
The recent wave of miner distribution became clearer when examining CleanSpark’s treasury activity in February. As profitability tightened across the mining sector, the company shifted towards immediate monetization of new production.
Across the sector, Glassnode reported a 30-day net position change of about -490 BTC, indicating miners have been collectively selling more coins than they produce.
Within this environment, CleanSpark’s strategy mirrors the shift towards liquidity, as evidenced by their significant sales of mined BTC to generate cash flow amidst broader market trends.
The company mined 568 BTC in February, yet sold 553 BTC, generating roughly $36.6 million in proceeds. This near-total liquidation was in contrast with January, when CleanSpark sold 159 BTC out of 573 mined – Retaining a larger portion of production.
At the same time, total holdings declined from 13,513 BTC to 13,363 BTC, signaling a gradual treasury drawdown. Meanwhile, operational capacity expanded to roughly 50 EH/s, raising both production scale and capital requirements.
Together, these signals pointed to miners increasingly converting new issuance into liquidity, reinforcing the broader shift away from long-term accumulation.
Current miner selling echoes past capitulation phases
Right now, Bitcoin miner behavior increasingly resembles late-stage capitulation patterns seen in previous cycles. The Miner Position Index (MPI) sat near -0.38 at press time, signaling reduced outflows relative to the yearly average.
In previous bear markets, capitulation appeared far more aggressive. During 2018 and 2022, the Miner Position Index (MPI) surged above 2 and even 3.5 – Reflecting intense miner selling before major recoveries.
Meanwhile, structural signals are beginning to shift too.
The Hash Ribbon indicators flashed a buy signal in late February, as the 30-day hash rate moving average crossed above the 60-day. Similar crossovers followed deep drawdowns in 2019 and 2022, both preceding strong market rebounds.
However, the current cycle might just have new dynamics. Corporate miners are increasingly relying on hedging strategies and diversified revenue streams. As a result, the selling pressure is now more controlled, hinting at a gradual transition rather than the violent capitulation seen in previous cycles.
Final Summary
- Bitcoin [BTC] miner liquidations are increasing sell-side supply as profitability declines, adding pressure during the current market correction.
- Bitcoin miner behavior increasingly resembles late-cycle capitulation phases, where controlled distribution and structural signals historically precede market stabilization.
