A pronounced wave of selling by five major publicly traded Bitcoin mining companies has rattled the cryptocurrency market, as over 15,000 BTC were collectively offloaded during the past five months. The trend reached a peak this February, marking the largest monthly dump since October and intensifying selling pressure just as Bitcoin’s price faced steep declines.
Mining Firms Accelerate Bitcoin Offloads
A close look at month-by-month sales patterns between October 2025 and February 2026 reveals that CORZ, CLSK, RIOT, BTDR, and CANG played critical roles in this surge. In October and November, as Bitcoin floated above $90,000, their collective sales hovered at around 1,300 to 1,500 BTC. December told a different story: the figure jumped to nearly 3,100 BTC, driven predominantly by RIOT’s aggressive liquidations. By January, the pace quickened further, with sales climbing to 3,600 BTC, this time spurred by increased activity from CORZ, CLSK, and BTDR.
February Sets New Sales Milestone
February 2026 marked a turning point as miners sold approximately 6,100 BTC, outpacing the combined levels of all previous months. The standout contributor for this spike was CANG, whose selling activity soared in tandem with a weakening market. Notably, this selling spree unfolded as Bitcoin’s average price slipped to the $70,000 mark, intensifying the downward market dynamics.
A striking countertrend emerged alongside this activity: miners ramped up sales as prices declined. While October’s high valuations saw relatively modest sales, February’s slump triggered the heaviest liquidation seen in months. The inverse relationship—selling more at lower prices—underscored the mounting pressures on the mining sector.
This behavior is largely rooted in the financial realities mining companies face. Fixed expenses—ranging from energy and equipment to staffing and financing—didn’t ease as prices fell. In fact, the squeeze prompted miners to liquidate more Bitcoin to cover their operational costs as returns from mining dwindled. CleanSpark’s February operational update underscored this point, noting that the firm sold a staggering 97.4% of its monthly production, generating $36.65 million in revenue even as prices sagged.
CleanSpark reported that it converted nearly all the Bitcoin it mined in February into cash, resulting in a $36.65 million influx from these sales.
Market Impact and Outlook
The rapid sale of 15,000 BTC over a five-month stretch has put a sustained and growing strain on market supply. Unlike long-term holders, miners appear more focused on meeting immediate liquidity needs, injecting substantial Bitcoin into circulation at a steady clip. February’s pronounced uptick in sales has ignited debate over whether the peak in selling pressure has been reached or if further escalation awaits as the market moves into March. The sector’s ability to manage expenses at current price levels could determine strategies for offloading in the months to come.
