61,000 BTC Sold Amid Miner Sell-Off, Trend Raises Questions
TL;DR
Bitcoin miner reserves have dropped from 1.862 million BTC to 1.801 million BTC, with 61,000 BTC sold recently. Major miners like Riot Platforms, Marathon Digital, and Core Scientific contributed to this sell-off.
Key points
- Bitcoin miner reserves fell from 1.862 million BTC to 1.801 million BTC
- 61,000 BTC sold since the start of the current cycle
- Riot Platforms sold 4,026 BTC, Marathon Digital sold 13,210 BTC, Core Scientific sold 1,992 BTC
Mentioned in this story
According to CryptoQuant, Bitcoin miner reserves are declining. In a recent tweet, CryptoQuant pointed out that Bitcoin miner reserves fell from nearly 1.862 million BTC to 1.801 million BTC, a net sell-off of about 61,000 BTC since the start of this cycle.
Large Bitcoin miners have apparently sold, with CryptoQuant highlighting the BTC sold in this regard.
Miner Reserves Declining.
Since the start of this cycle, miner reserves fell from ~1.862M BTC to 1.801M BTC, a net sell of ~61K BTC.
Verified selling:
• Riot Platforms: 4,026 BTC
• Marathon Digital: 13,210 BTC
• Core Scientific: 1,992 BTCSimultaneously, AntPool miner… pic.twitter.com/xg9wrLshuH
— CryptoQuant.com (@cryptoquant_com) April 16, 2026
Riot Platforms is believed to have sold an estimated 4,026 BTC, while Marathon Digital and Core Scientific sold 13,210 BTC and 1,992 BTC, respectively. However, AntPool miner balances have seen an uptick in recent days.
Along the lines of CryptoQuant analysis, MARA Holdings reduced its Bitcoin stash in part to place more focus on developing AI infrastructure, with the company selling about $1 billion worth of the token in recent weeks.
What's happening?
The shift comes as revenue earned for validating transactions on the Bitcoin blockchain has dropped owing to a BTC price drop and rising energy costs. Bitcoin mining gross margins have fallen from above 90% during the 2021 bull run to around 60%. This follows as Bitcoin has dropped as much as 50% from an all-time high of around $126,000 reached in October.
The hash price, a key measure of revenue for Bitcoin miners, has hit record lows in recent weeks, as well as mining difficulty, an indicator of total computing power used for mining, which has also seen sharp declines, indicating some miners have unplugged their machines since their operations are unprofitable.
Bitcoin miners obtain revenue from the block subsidy (the new Bitcoin created each block is awarded to the miner who solved the proof of work) and fees paid by users so that their transactions get included in a block.
The health of miners and the Bitcoin network can be observed through transaction fees and block rewards. Fees typically increase when network activity is strong — when a lot of transactions need to be processed — and can signal market cycles.
Q&A
Why are Bitcoin miners selling their reserves?
Bitcoin miners are selling their reserves to manage financial pressures and focus on other investments, such as AI infrastructure.
How much Bitcoin has Riot Platforms sold recently?
Riot Platforms has sold approximately 4,026 BTC as part of the recent miner sell-off.
What is the current status of Bitcoin miner reserves?
Bitcoin miner reserves have decreased to 1.801 million BTC, marking a significant decline from previous levels.
