Bitcoin’s Record Miner Sell-Off Casts Shadow Over Ceasefire-Fueled Rebound

Bitcoin miners dumped a record 40,000 BTC in the first quarter of this year — more than the entirety of 2025 combined and well above the 20,000 BTC sold in the panic following the Terra collapse in mid-2022. That number sits quietly beneath the surface of what otherwise looks like a recovering market.

Miners Signal Trouble Even As Prices Climb

The sell-off came as mining difficulty dropped 2.4% to 135 trillion, while network hashrate climbed back from roughly 978 exahashes per second to 992 EH/s this month, according to data from Glassnode.

When producers sell at record pace during a difficulty drop, it points to one thing: tight margins. The economics of mining haven’t recovered the way the price chart might suggest, and any sustained move above $80,000 would have to absorb continued selling from that same group.

Bitcoin was trading at $76,827 on Tuesday noon, up 1.4% over 24 hours, as Iran confirmed it would send a delegation to Pakistan for a second round of ceasefire talks.

Ether gained 1.18% to reach $2,311. XRP rose 1.2% to $1.42. Solana trailed the pack, up just 0.9% on the day and down 1% for the week.

The broader market moved in the same direction. The MSCI All Country World Index added 0.1% after pausing on Monday, with Asian equities leading the charge and the regional tech index gaining 2.38%.

Brent crude slipped 0.7% to $94.80 a barrel. Gold fell 0.6% to around $4,800. Silver dropped 1% to $78.89. Treasuries and the dollar were largely flat.

A Deadline That Markets Can’t Ignore

The two-week ceasefire between the US and Iran expires Wednesday evening, Washington time. US President Donald Trump said Monday he does not plan to extend it.