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Bitcoin miners sold 32,000 BTC ($2.4B at current price) in Q1, more than they sold in all of 2025
This would explain some of that nasty sell pressure

Wu Blockchain
Public Bitcoin Miners Sell 32K BTC in Q1, Surpassing Full-Year 2025 Total
Publicly listed Bitcoin miners sold over 32k BTC in Q1 2026, surpassing total sales for all of 2025 and setting a new quarterly record, including companies such as MARA, CleanSpark, Riot, Cango, Core Scientific and Bitdeer; hashprice stands at around $33/PH/s/day, below the ~$35 breakeven level, with about 20% of miners operating at a loss, while total BTC holdings of miners declined from about 1.86 million in 2023 to around 1.8 million, amid rising hashrate, reduced block rewards and macroeconomic pressure.

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