a Bitcoin Miners Are Dumping Record
Supply... While Saylor Keeps Absorbing It
This is one of those ugly-but-important
market splits.
MARA Holdings, CleanSpark, Riot
Platforms, plus the rest of the mining crewW
just offloaded 32,000+ $BTC in Q1
2026. Not a typ0. That's more than any full
year before. Even worse - hashprice is
sitting near breakeven, meaning a chunk of
miners are basically mining at "survive or
sell" levels.
And that's the real story. This isn't strategic
selling. lt's pressure. Energy costs up,
rewards down, competition up... and older
rigs turning into cash conversion machines
just to keep lights on. When hashprice
drops below ~$35 per PH/s, miners stop
being "holders" and start being "sellers by
necessity."
But here's the twist that keeps this cycle
weird.
While miners are forced to distribute
supply...treasury players are doing the
exact opposite. Entities like Strategy keep
stacking BTC into corporate balance
sheets like nothing's changed. One side is
capitulating under operating stress. The
other is buying dips with a capital-raising
machine behind it.
That's how you get this kind of market:
forced sellers on one end, structural
buyers on the other... and price stuck in
the middle trying to decide which force
wins.
So what is this really... miner capitulation
phase.. or just the early stage of supply
being absorbed by institutions with longer
time horizons?
#BTC Price Analysis# #Bitcoin Price
Prediction: What is Bitcoins next move?#