Fourteen public companies have sold 108,247 Bitcoin in 2026, according to Lookonchain. That total is worth about $8.08 billion. At first glance, it sounds like a broad retreat from corporate BTC treasuries. The list tells a narrower story, though.
Miners led the selling
MARA sold the most by far: about 40,581 BTC for $3.03 billion, at an average of $74,446 per coin. Riot Platforms came next with 20,264 BTC, worth roughly $1.51 billion, at about $73,231 each. Together, those two account for half of the total. Bitdeer ranked third, with an estimated 10,553 BTC leaving its wallets between January and September.
Most names on the list are miners. Selling part of mined output to cover bills is not a new pattern. Core Scientific got the best price of the group, near $85,000 per coin. Sequans and KULR looked like outliers because they held BTC as a treasury asset rather than as part of mining operations.
Short-term holders are under pressure
Cryptoquant data suggests newer buyers are hurting too. The short-term holder SOPR, using a seven-day average, was 0.99 at press time. A reading below 1 means more coins are being sold at a loss than at a profit.
On 6 November, about 32,695 BTC held at a loss by short-term holders went to exchanges. That was roughly 89% of all their exchange inflows that day. Then, on 9 November, BTC fell to a new low near $74K. You might expect more panic, but loss-making inflows dropped to about 9,900 BTC.
So price fell lower, yet fewer people rushed to dump. In past bull markets, a slowdown like that has sometimes come before a bounce. It is not a guarantee, just a pattern worth watching.
Price is still weak
At the time of writing, BTC traded around $73,686, down about 2.2% on the daily chart. In early October, the price was near $86K. That points to a 15% drop since then.
Bitcoin did try to recover. On 4 November, it jumped back above $80K, but lost that level the next day. The RSI was at 33.8, below its signal line and close to oversold territory.
With fewer loss-making coins moving to exchanges, sellers may be running low on steam. The data does not confirm a bottom. Still, the selling looks more concentrated among miners and stressed short-term holders than among all corporate treasuries.
