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Miners Sold $4.5B in Bitcoin This Cycle — Who Is Buying
Some cryptocurrency mining companies are forced to sell their coins, but the market is absorbing this supply.
Miners continue to reduce their Bitcoin holdings. According to analytics platform CryptoQuant, since 2022, miners have sold about 61,000 BTC ($4.5 billion at current prices).
“Since the beginning of this cycle, miners’ reserves have dropped from 1.862 million BTC to 1.801 million BTC, with net sales totaling around 61,000 BTC,” analysts calculated based on proprietary indicators and Bitcoin movements across known wallets associated with large mining entities.
Bitcoin miner reserves. Source: CryptoQuant
Large U.S. miners publicly report their sales. It is known that this year alone, Riot Platforms sold 4,000 BTC ($290 million), MARA sold over 15,000 BTC ($1.1 billion), and Core Scientific offloaded around 1,900 BTC ($175 million).
Miners such as Cango and Bitdeer have also sold Bitcoin. Some companies used the funds to repay debts, while others invested in expanding infrastructure for artificial intelligence needs. Amid declining mining profitability, most major market participants have chosen to diversify into the AI sector.
At the same time, CryptoQuant noted that AntPool miners’ balances have surged in recent days. This pool, launched in China in 2014, has users primarily located outside the U.S. By hashrate (computing power) in the Bitcoin network, AntPool (167 Eh/s) ranks second globally after the U.S.-based Foundry USA (337 Eh/s).
Who Is Accumulating and Buying
Bitcoin’s price dropped to around $62,000 in early February but has since recovered by 20% and is now trading near $74,800. This growth is occurring despite active selling by U.S. miners, indicating that the market is absorbing supply.
Spot Bitcoin ETFs attracted $1.32 billion in March. In the first half of April, they received an additional $928 million. Due to rising demand, ETF issuers are purchasing Bitcoin to back their shares.
Tether, the issuer of the largest stablecoin USDT, added 951 BTC ($70 million) to its reserves on April 15. Its total holdings have reached 97,141 BTC (approximately $7.16 billion).
Meanwhile, Strategy, the largest corporate Bitcoin holder led by Michael Saylor, reports purchases almost weekly. On April 13, it announced the acquisition of another 13,927 BTC worth $1 billion. The company now holds 780,897 BTC (about 3.7% of total supply), acquired since 2020 for $59.02 billion.
See also: "USDC creator sees “massive opportunities” for a yuan-backed stablecoin"
