Fourteen public companies have sold a combined 108,247 Bitcoin in 2026, worth approximately $8.08 billion, according to data from Lookonchain. Rather than a broad retreat from corporate BTC treasuries, the selling has been heavily concentrated among miners. MARA sold the most, offloading about 40,581 BTC for $3.03 billion at an average price of $74,446 per coin. Riot Platforms followed with 20,264 BTC worth roughly $1.51 billion, at about $73,231 per BTC. Bitdeer ranked third, with an estimated 10,553 BTC leaving its wallets between January and September. Core Scientific achieved the best average sale price near $85,000 per coin.
The theme continued on November 10, when CryptoQuant recorded 2,077 BTC in miner-to-exchange transfers, about 16 times the 30-day daily average of 127 BTC. Around 97% of that movement came from Antpool, making it the largest daily miner-to-exchange flow since February 2026. CryptoQuant’s Miner to Exchange Flow indicator tracks transfers rather than completed sales, so the coins were not necessarily sold immediately. Still, the increase in available selling supply added pressure to an already fragile market.
Demand indicators have weakened across spot and derivatives markets. CryptoQuant’s 30-day demand-growth readings showed spot demand at approximately -280,000 BTC and perpetual futures demand near -82,000 BTC, for a combined negative reading of about 362,000 BTC. Short-term holders also remain under pressure. The seven-day average short-term holder SOPR was 0.99, indicating more coins were being sold at a loss than at a profit. On November 6, roughly 32,695 BTC held at a loss by short-term holders moved to exchanges, about 89% of all their exchange inflows that day. By November 9, when BTC fell to a new low near $74,000, loss-making inflows had dropped to around 9,900 BTC, a potential sign of seller exhaustion.
Bitcoin traded near $69,200 after breaking below the $75,000–$76,000 support zone. The immediate level to watch is around $69,000; a sustained break could expose the $64,000–$65,000 area and then $60,000. A recovery above $75,000 would be needed to improve the short-term outlook. The next mining difficulty adjustment, expected around November 14 at block 975,744, may decline by roughly 8.4% after average block times rose to 655 seconds. That could ease mining conditions, but it is unlikely to resolve the broader weakness in Bitcoin demand.
