61,000 BTC Sold Amid Miner Sell-Off, Trend Raises Questions

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 BTC

Simultaneously, 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.