Bitcoin miners are once again sending large amounts of BTC to exchanges, sparking concerns about renewed selling pressure on the market. On-chain data from Lookonchain reveals that two of the largest public miners, MARA and Riot Platforms, deposited significant sums to institutional custodian NYDIG late Thursday.
MARA, which holds 36,303 BTC (valued at $2.34 billion) despite a $600 million quarterly loss, moved 200 BTC ($12.86 million). Simultaneously, Riot Platforms transferred 381 BTC ($24.51 million) to the same destination. These moves come on the heels of broader industry trends, where public miners are increasingly pivoting toward artificial intelligence workloads and reducing their coin treasuries.
This behavior echoes earlier reports that miners offloaded a record 32,000 BTC in the first quarter of 2026, contributing to a hash rate decline and price weakness. Riot Platforms alone sold roughly $200 million in bitcoin during the final two months of 2025. Meanwhile, MARA’s second-quarter 2026 filing showed a 29% year-over-year drop in its bitcoin holdings to 35,577 BTC.
While such treasury management is not necessarily a bet on falling prices – often funding operational costs or AI infrastructure – it does increase spot supply that buyers must absorb. Analysts are now monitoring miner wallets more closely, as sustained distribution could weigh on BTC's recent recovery above $64,000. The news also comes amid struggles for smaller miners, with Poolin filing for Chapter 11 bankruptcy and seeking a $52 million sale of Texas mining assets.
