Like Bitcoin [BTC] Towards the $80,500-$81,000 region, mining activity increasingly drove the broader market momentum beneath the surface. Public mining companies distributed nearly 32,000 BTC in the first quarter of 2026 alone. That figure exceeded the total number of liquidations in all of 2025.
Part of that pressure came from the tightening of the economy following the halving in the mining sector. In particular the Hash price fluctuated between $33 and $40 per PH/s per day, remaining near break-even levels for older mining fleets. As profitability fell, companies like MARA, Riot, CleanSpark and Bitdeer increasingly converted their reserves into cash.
Meanwhile, data from Glassnode shows that repeat miner distribution is near Bitcoin’s highs, indicating that operators are still prioritizing preserving liquidity as pressure on profitability remains high post-halving.
This implies that the rally is not purely speculative as the market continues to absorb heavy mining distribution near highs. However, continued selling pressure could still increase volatility and weaken near-term breakout power if demand slows.
Bitcoin’s $80,000 zone is facing a Satoshi-era supply clash
As dormant Bitcoin supply suddenly returned to circulation, large Satoshi-era portfolios increasingly shaped the broader liquidity dynamic in the market. One 14-year-old wallet distributed 11,300 BTC, worth almost $750 million, while another collected about 7,000 BTC, worth almost $470 million.
That difference highlights the growing disagreement over Bitcoin’s current valuation range. Coin Days Destroyed (CDD) spiked sharply after the transfers, indicating that older holders were actively repositioning themselves after years of inactivity.
However, Bitcoin still defended the $80,000 zone despite aggressive selling pressure from Long-Term Holders (LTH). That resilience suggested that strong spot market demand continued to absorb distributed supply without causing a sharp collapse.
As accumulation and profit-taking increased, the $80,000 region increasingly emerged as a key liquidity and pricing battleground.
The reactivated Bitcoin supply increases the tension in the market
As the supply of older Bitcoin came into circulation, volatility pressures steadily increased around the market’s $80,000 liquidity zone. Recent spending spikes over the past five years and Satoshi-era portfolios added supply to active trading conditions.
That behavior partly reflected profit-taking as Bitcoin approached the $81,000 region in May 2026. Older holders often divide in strength, which increased psychological pressure as markets interpreted the activity as informed selling.
Meanwhile, foreign exchange inflows briefly increased by several thousand BTC during selective trading sessions. However, totally Exchange reserves are still at a near multi-year low between 2.1 million and 2.7 million BTC.
That equilibrium suggested that buyers continued to absorb the distributed supply despite increasing activity on the sell side. If Bitcoin maintains stability above $80,000, demand resilience may continue to outweigh growing distribution pressures.
Final summary
- Bitcoin absorbed the aggressive mining and portfolio distribution of the Satoshi era, reinforcing strong demand around the $80,000 liquidity zone.
- BTC’s resilience above $80,000 suggested that accumulation is still offsetting rising sell-side pressure.