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Companies that bought Bitcoin [$BTC] to hold are starting to sell some of it. What’s worse is that they’re not the only ones facing the heat.
Hence, the question: What’s happening?
According to data from Lookonchain, 14 public companies have sold 108,247 $BTC worth $8.08 billion in 2026.
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MARA has sold the most by far, about 40,581 $BTC for $3.03B, at an average of $74,446 per coin. Riot Platforms was next with figures of 20,264 $BTC. That’s worth $1.51 billion, at about $73,231 each.
Together, these two make up half of the total.
Bitdeer was in third, with an estimated 10,553 $BTC leaving its wallets between January and September.
Looking closer at that list though, and it seemed to be pretty evident that they’re mostly miners.
Selling some of what is mined to pay the bills isn’t a new concept. Core Scientific actually got the best price of the group, at about $85,000 per coin. Sequans and KULR seemed to be the outliers here since they held $BTC as a treasury asset.
…Less of it is at exchanges.
According to data from Cryptoquant, newer $BTC buyers may be hurting too. The short-term holder (STH) SOPR (7d average) had a reading of 0.99 at press time. Anything under 1 essentially means more people are selling at a loss than at a profit.
On 6th November, about 32,695 $BTC held at a loss by STHs were sent to exchanges. That was roughly 89% of everything they moved there that day.
Then, on the 9th, $BTC dropped to a new low near $74K. You’d expect more panic, but loss-making inflows fell to about 9,900 $BTC.
The price fell lower, but fewer people rushed to dump. In past bull markets, a slowdown like that has sometimes come before a bounce.
At the time of writing, $BTC was trading at around $73,686, with the same down by about 2.2% on the daily chart. In early October, the price was near $86K. This hinted at a 15% drop since!
Now, to its credit, Bitcoin did try to bounce.
On 4th November, Bitcoin’s price jumped back above $80K, but wiped it out the very next day.
The RSI was at 33.8, well below the Signal Line and not far from the oversold mark.
So, is a bounce on the way? Well, with fewer loss-making coins on exchanges, sellers are probably running low on steam.
