CryptoQuant shows miner reserves dropped from ~1.862M BTC to ~1.801M BTC (≈61,000 BTC sold) since the cycle began. Verified sellers include Marathon Digital (~13,210 BTC), Riot Platforms (~4,026 BTC) and Core Scientific (~1,992 BTC); AntPool balances have risen. MARA Holdings sold about $1 billion in BTC to refocus on AI infrastructure. The sell-off coincides with a sharp BTC price decline, rising energy costs, falling hash price and lower mining difficulty, which have squeezed miner gross margins and prompted some miners to power down unprofitable equipment.

Miner reserves fell from ~1.862M BTC to ~1.801M BTC (≈61,000 BTC sold); verified large sellers named (Marathon ~13,210 BTC; Riot ~4,026 BTC; Core Scientific ~1,992 BTC); MARA sold ~$1B. The sell-off is reported alongside a sharp BTC price decline, higher energy costs, falling hash price and lower difficulty, reducing miner margins and causing shutdowns—facts that create downward pressure on BTC supply and market sentiment.