Bitcoins [BTC] The retreat from the peak of $126,000 in October 2025 caused a notable shift in miners’ behavior. As prices cooled, public mining companies began accelerating the transfer of BTC to exchanges.
At the same time, mining profitability fell sharply as hash prices 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 supply daily. As operating costs rise, miners are liquidating more and more reserves to maintain cash flows.
Since October 2025, listed miners have also done so sold over 15,000 BTC. Major transactions include Cango’s sale of 4,451 BTC, in addition to major sales from Bitdeer, Riot Platforms, and Core Scientific. As a result, the total miner balance now stands at almost 1,780,305 BTC.
This shift has structural consequences. Miners represent the main source of new Bitcoin supply. When government bond holdings decline, additional coins enter circulation, temporarily increasing sell-side liquidity and amplifying downward pressure on the market.
CleanSpark signals a shift in miners’ coffers
The recent wave of miner distribution became clearer when we examined CleanSpark’s treasury operations in February. As profitability in the mining sector deteriorated, the company shifted to immediately generating revenue from new production.
Across the sector, Glassnode reported a net position change of approximately -490 BTC over 30 days, indicating that miners have collectively sold more coins than they produce.
Source: Glassnode
Within this environment, CleanSpark’s strategy reflects the shift towards liquidity, as evidenced by their significant sales of mined BTC 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 revenue. This near-total liquidation contrasted with January, when CleanSpark sold 159 of the 573 BTC mined – retaining a greater share of production.
Source: CleanSpark
At the same time totally possessions fell from 13,513 BTC to 13,363 BTC, indicating a gradual withdrawal of government bonds. Meanwhile, operational capacity expanded to approximately 50 EH/s, increasing both production scale and capital requirements.
Together, these signals indicated that miners were increasingly converting new emissions into liquidity, reinforcing the broader shift away from long-term accumulation.
The current sale of miners echoes beyond the capitulation phases
Right now, Bitcoin miner behavior is increasingly looking like late-stage capitulation patterns seen in previous cycles. The Miner Position Index (MPI) was around -0.38 at the time of writing, which indicates a reduced outflow compared to the annual average.
In previous bear markets, capitulation seemed much more aggressive. In 2018 and 2022, the Miner Position Index (MPI) rose above 2 and as high as 3.5 – reflecting intensive miner selling ahead of a major recovery.
Source: CryptoQuant
Meanwhile, the structural signals are also starting to shift.
The Hash ribbon The indicators showed a buy signal in late February, when the 30-day moving average of the hash rate rose above the 60-day. Similar crossovers followed deep declines in 2019 and 2022, both of which preceded strong market recoveries.
However, the current cycle may have new dynamics. Corporate miners are increasingly relying on hedging strategies and diversified income streams. As a result, selling pressure is now better controlled, indicating a gradual transition rather than the violent capitulation of previous cycles.
Final summary
- Bitcoin [BTC] Mining liquidations increase sell-side supply as profitability declines, adding to pressure during the current market correction.
- Bitcoin miners’ behavior increasingly resembles late-cycle capitulation phases, where controlled distribution and structural signals historically precede market stabilization.