CleanSpark and Bitcoin Miners' Selling Trend – Is the Miner HODL Era Coming to an End?

Bitcoin’s price decline from its peak of $126,000 in October 2025 has led to significant changes in how miners manage their treasury. With prices dropping, public mining companies have started moving more Bitcoin (BTC) to exchanges at a faster rate.

Key Takeaways

Bitcoin miners have been selling off BTC as prices fall and profitability shrinks.
Publicly listed miners sold over 15,000 BTC since October 2025, affecting market liquidity.
CleanSpark's treasury strategy reflects this trend with significant BTC sales to maintain cash flow.
Current miner selling behavior resembles past capitulation phases, but with some new dynamics in play.

As mining profitability has decreased, with hash prices falling below $30 per PH/s, miners face tighter margins. Currently, the post-halving reward stands at 3.125 BTC per block, resulting in about 450 new BTC entering circulation daily. Rising operational costs have prompted miners to cash out more of their reserves to ensure steady cash flow.

CleanSpark and Bitcoin miners' selling spree – Is the miner HODL era ending?

The Impact of Miner Selling

Since October 2025, publicly traded miners have collectively disposed of more than 15,000 BTC. Notable sales include 4,451 BTC from Cango, alongside major transactions from Bitdeer, Riot Platforms, and Core Scientific. The total miner balance now rests around 1,780,305 BTC.

This shift has significant implications, as miners are the primary source of new Bitcoin supply. With their treasury holdings declining, more coins are entering circulation, increasing sell-side liquidity and exerting downward pressure on prices.

CleanSpark's Treasury Strategy

The recent trend of miner selling becomes more apparent when analyzing CleanSpark’s treasury activities in February. As profitability dwindled, CleanSpark opted to monetize its recent production rather than holding it.

According to Glassnode, there was a 30-day net position change of approximately -490 BTC across the mining sector, indicating that miners are collectively selling more coins than they are producing.

Glassnode Data

In February, CleanSpark mined 568 BTC but sold 553 BTC, earning around $36.6 million. This near-total liquidation marked a sharp change from January when they sold only 159 BTC from 573 mined, indicating a strategic pivot towards liquidity.

CleanSpark Data

As a result, CleanSpark’s total BTC holdings fell from 13,513 to 13,363, demonstrating a gradual drawdown of their treasury. Additionally, operational capacity increased to about 50 EH/s, which enhanced their production scale and capital needs.

Current Selling Trends Resemble Past Patterns

At this time, Bitcoin miner behavior is increasingly reminiscent of late-stage capitulation patterns seen in earlier cycles. The Miner Position Index (MPI) was around -0.38 at the time of writing, indicating lower outflows compared to the yearly average.

Historically, during bear markets, capitulation was much more pronounced. In the past cycles of 2018 and 2022, the MPI exceeded levels of 2 and even reached 3.5, which reflected significant miner selling before major market recoveries.

Miner Position Index Data

Currently, structural signals are also showing signs of change. The Hash Ribbon indicators displayed a buy signal in late February, as the 30-day hash rate moving average surpassed the 60-day average. Similar crossovers in the past followed steep declines in 2019 and 2022, both of which were precursors to strong market rebounds.

However, this cycle could exhibit different characteristics. Corporate miners are now more inclined to use hedging strategies and diversify their income sources. Consequently, the selling pressure appears to be more controlled, indicating a gradual transition rather than a sudden capitulation witnessed in earlier cycles.

Conclusion

The ongoing changes in miner behavior, especially for companies like CleanSpark, hint at a notable transition in how Bitcoin miners approach treasury management. As they adapt to market conditions, the implications for Bitcoin's supply and price dynamics remain critical for investors to monitor.