Listed Mining Companies Sell Off 28,000 BTC Year-to-Date, Becoming Overlooked $1.78 Billion Source of Selling Pressure in Bitcoin Market

According to CoinDesk, data from Blockware Intelligence shows that listed Bitcoin miners held a total of 127,000 BTC at the beginning of the year, which has now decreased to 99,000. Cumulative sell-offs within the year amount to approximately 28,000 BTC, valued at about $1.78 billion at current prices. Analysis points out that although this sell-off volume is smaller than the net outflows of over $4.4 billion from U.S. spot Bitcoin ETFs, against the backdrop of a market downturn and weak buying pressure, the impact of consistent, steady marginal selling pressure on prices is often underestimated. BTC has cumulatively declined 27% since the beginning of 2026, underperforming major assets including the S&P 500. Furthermore, impacted by narrowing mining profits (the current average production cost per BTC is approximately $74,300), an increasing number of miners are pivoting to AI computing power businesses. Meanwhile, network-wide mining difficulty has dropped by about 18% from its November peak, and mining revenue for remaining miners has correspondingly increased by about 18%, as the industry competitive landscape is being reshaped.