Bitcoin [BTC] The pullback from the high of $126,000 in October 2025 triggered a notable change in miners’ treasury behavior. As prices cooled, public mining companies began accelerating BTC transfers to exchanges.
At the same time, mining profitability dropped sharply when the hash price fell below $30 per PH/s, compressing margins across the industry. Meanwhile, the post-halving reward remains at 3,125 BTC per block, producing approximately 450 BTC of new daily supply. As operating costs rise, miners have been liquidating more and more reserves to maintain cash flows.
Since October 2025, publicly traded miners have sold more than 15,000 BTC. Major transactions include the disposal of 4,451 BTC from Cango, along with large sales from Bitdeer, Riot Platforms, and Core Scientific. As a result, the total balance of miners now stands close to 1,780,305 BTC.
This change carries structural implications. Miners represent the main 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 a change in miners’ treasury
The recent wave of mining distribution became clearer when examining CleanSpark’s treasury activity in February. As profitability declined across the mining sector, the company turned to immediate monetization of new production.
Across the sector, Glassnode reported a 30-day net position change of approximately -490 BTC, indicating that miners have been collectively selling more coins than they produce.
Source: Glassnode
In this environment, CleanSpark’s strategy reflects the shift towards liquidity, as evidenced by its significant sales of BTC mined to generate cash flow amid broader market trends.
The company mined 568 BTC in February, but sold 553 BTC, generating approximately $36.6 million in profits. This near-total liquidation contrasts with January, when CleanSpark sold 159 BTC from 573 mined, retaining a larger share of production.
Source: CleanSpark
At the same time, total holdings decreased from 13,513 BTC to 13,363 BTC, indicating a gradual reduction in treasury. Meanwhile, operational capacity expanded to approximately 50 EH/s, increasing both production scale and capital requirements.
Taken together, these signals pointed to miners increasingly converting new issuance into liquidity, reinforcing the broader shift away from long-term accumulation.
Current Miner Sale Echoes Past Capitulation Phases
At this time, the behavior of Bitcoin miners is increasingly resembling late-stage capitulation patterns seen in previous cycles. The mining position index (MPI) was close to -0.38 at press time, indicating a reduction in capital outflows relative to the annual average.
In previous bear markets, capitulation seemed much more aggressive. During 2018 and 2022, the mining position index (MPI) rose above 2 and even 3.5, reflecting intense selling by miners before large recoveries.
Source: CryptoQuant
Meanwhile, structural signals are also beginning to change.
Hash Ribbon indicators issued a buy signal in late February, when the 30-day hash rate moving average surpassed the 60-day moving average. Similar crossovers followed deep declines in 2019 and 2022, both preceding strong market rebounds.
However, the current cycle could have a new dynamic. Corporate miners are increasingly relying on hedging strategies and diversified revenue streams. As a result, selling pressure is now more controlled, suggesting 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 miners’ behavior increasingly resembles end-of-cycle capitulation phases, where controlled distribution and structural signals historically precede market stabilization.