The Bitcoin miner sell-off looks close to exhaustion marking impending reversal in market pressure

Bitcoin miners are showing signs of exhaustion, with revenue compression pushing a significant portion of the global fleet toward unprofitability. This economic pressure is causing difficulty adjustments, indicating weaker operators are exiting the market. However, a key element of a typical market washout is missing: major miners are still selling more Bitcoin than they mine to cover operational costs, debt, and expansion. Companies like Riot Platforms and MARA have recently sold substantial amounts of BTC, exceeding their quarterly production. While network stress is easing and sentiment is improving, this continued selling by miners acts as a persistent supply pressure on the market. The future direction hinges on three factors: further difficulty relief, consistent ETF demand, and the growing importance of AI-driven revenue streams for miners, which could alter their incentives and selling behavior.

(Source：CryptoSlate)