Public Bitcoin Miners Sold Over 15,000 BTC Since October: February Was the Biggest Month by Far

Public Bitcoin miners accelerated selling through the market downturn, offloading more than 15,000 BTC combined since October 2025 according to TheEnergyMag data.

February 2026 alone accounted for the largest single-month selling volume in the five-month period, with total miner sales reaching approximately 6,100 BTC as Bitcoin’s average price fell toward $70,000.

What the Chart Shows

The TheEnergyMag chart tracks monthly Bitcoin sales across five public miners, CORZ, CLSK, RIOT, BTDR, and CANG, from October 2025 through February 2026, plotted against Bitcoin’s average monthly price.

October and November sales were modest, approximately 1,300 and 1,500 BTC respectively, spread relatively evenly across the tracked companies. Bitcoin was still trading above $90,000 during that period. December saw sales jump to approximately 3,100 BTC, with RIOT making up the largest share of the increase. January 2026 reached approximately 3,600 BTC, adding CORZ as a significant contributor alongside continued selling from CLSK and BTDR.

February’s bar dwarfs everything before it. Approximately 6,100 BTC sold, with CANG accounting for the dominant portion in dark blue. The February spike arrived as Bitcoin’s average price line on the chart dropped toward its lowest point in the five-month window, near $70,000.

The Inverse Relationship

The chart reveals a clear and uncomfortable pattern. As Bitcoin’s price declined from above $110,000 in October to approximately $70,000 in February, miner selling accelerated rather than slowed. October sales near $90,000 per coin. February sales near $68,000 per coin. Miners were selling more Bitcoin at lower prices month after month.

This is not irrational behavior. It is operational necessity. Mining companies carry fixed costs in energy, personnel, and debt service that do not adjust with Bitcoin’s price. When revenue per coin falls, selling more coins is one of the few levers available to maintain cash flow. CleanSpark’s February operational update covered earlier today showed the same dynamic explicitly, with 97.4% of monthly production sold to generate $36.65 million in cash.

What 15,000 BTC of Selling Means for the Market

Fifteen thousand BTC sold into the market over five months represents consistent and growing sell-side pressure from a cohort of large holders who cannot afford to be patient. Unlike long-term holders who are currently accumulating at current prices, as documented in the CryptoQuant LTH data covered earlier today, public miners are structurally forced sellers during price downturns regardless of their longer-term outlook.

The February acceleration suggests the market absorbed approximately 6,100 BTC of miner selling during the same month it dropped to $63,600. Whether February represented peak miner selling pressure or whether March brings further acceleration depends on whether current prices around $68,000 to $70,000 are sufficient to cover operational costs across the sector.

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