Bitcoin has fallen 27% since the start of 2026 to just under $64,000, while public miners have added another source of selling pressure alongside ETF outflows and treasury sales. Blockware Intelligence data shows publicly listed miners held 127,000 BTC at the start of the year.
Their combined holdings have since dropped to 99,000 BTC. This decline means the group sold about 28,000 BTC, worth roughly $1.78 billion at current prices. The sales came as Bitcoin lagged major assets, including the S&P 500 Index.
Meanwhile, US-listed have recorded more than $4.4 billion in net outflows, according to SoSoValue. Long-dormant holders and digital-asset treasury companies have added further supply.
Blockware said early-year miner sales remain an underdiscussed factor in Bitcoin’s weak 2026 performance. Although miner sales trail ETF outflows, steady selling can matter when market demand weakens.