Bitcoin Miners’ Selling Spree Threatens Price Recovery
Bitcoin’s recent surge past the $64,000 mark may face headwinds as two of the largest players in the cryptocurrency’s mining ecosystem have initiated a significant sell-off of their holdings. Data from blockchain analytics firm Lookonchain indicates that MARA and Riot Platforms, prominent Bitcoin miners, have deposited substantial amounts of the cryptocurrency onto exchanges, signaling a likely intention to sell.
Major Miners Deposit Large BTC Holdings
Specifically, MARA, which reported over $600 million in losses during the second quarter but maintains a Bitcoin reserve valued at more than $2.3 billion, transferred 200 Bitcoin units to NYDIG on Thursday evening. Concurrently, Riot Platforms utilized the same platform to deposit another 381 Bitcoin, estimated to be worth $24.5 million, around the same time.
Lookonchain’s report highlighted these transactions, stating: “MARA, which holds 36,303 $BTC ($2.34B), deposited 200 $BTC ($12.86M) into NYDIG 10 hours ago. Riot Platforms also continues to send $BTC to NYDIG, depositing another 381 $BTC ($24.51M) 10 hours ago.”
Context of Miner Selling and Industry Pressures
This move by MARA and Riot comes on the heels of reports from earlier in the year indicating that Bitcoin miners had offloaded a record 32,000 Bitcoin units in the first quarter of 2026. That previous selling spree was linked to a notable decline in the blockchain’s hash rate.
The ongoing cryptocurrency bear market continues to exert pressure on smaller Bitcoin miners, forcing some out of operation. In a separate development, mining pool Poolin has filed for Chapter 11 bankruptcy protection in New Jersey, seeking court approval for the sale of its Texas mining assets valued at $52 million.
On a more positive note for individual participants, a solo miner recently successfully solved a complex puzzle, earning a reward of 3.125 Bitcoin, which was valued at approximately $200,000 at the time of the discovery.
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