Bitcoin is facing selling pressure from several major sources at the same time. Miners have sold BTC, spot Bitcoin ETFs have seen large outflows, and Strategy has stopped adding to its Bitcoin holdings.
Meanwhile, Crypto analyst Ali Martinez notes that if selling continues to rise, the next major downside target is near $54,276.
Bitcoin Miners and ETFs Continue To Sell
Over the past 10 days, Bitcoin miners have sold 1,648 BTC, worth about $106 million at recent prices. This comes as miners continue to manage costs and look to use their computing power toward AI.
Their computing capacity has reportedly fallen by about 20% over the past three quarters.
One of the biggest Bitcoin mining firms, Riot Platforms, sold 9,665 BTC in the first half of 2026, while MARA Holding sold 23,093 BTC.
MARA still holds 35,577 BTC, showing that miners are not leaving Bitcoin completely. Some are simply selling part of their holdings to raise cash or support their businesses.
It’s not just miners who are selling Bitcoin, spot Bitcoin ETFs are also adding pressure. The funds recorded about 6,195 BTC in net outflows last week, worth roughly $385 million.
Strategy Stops Buying Bitcoin
The largest corporate Bitcoin holder, Strategy, had been a steady source of buying demand, but that support has now started to slow.
This year alone, Strategy has sold 6,948 BTC so far this year, cashing out approximately $432.5 million.
Last week, the company reported no Bitcoin purchases or sales between August 10 and August 16, leaving its holdings unchanged at 840,447 BTC.
At the same time, Strategy raised about $333.7 million through MSTR stock sales. Around $149.1 million was added to its U.S. dollar reserve, taking the reserve to about $4.8 billion. The company also used money for preferred-stock dividends and buybacks.
So, while Strategy did not sell Bitcoin this week, it is no longer providing the steady weekly buying that investors had become used to.
Bitcoin Still Has Buyers – Whales
The selling picture is not one-sided.
Whale wallets have accumulated around 30,000 BTC in the past 17 days, according to the data provided. This buying may be helping Bitcoin stay above the $60,000 level despite pressure from miners and ETFs.
However, exchange balances have also increased by about 24,700 BTC over the past 10 days. If these coins are sent to exchanges to be sold, they could add another $1.59 billion in possible selling supply.
Bitcoin Price Could Drop To $54K
Bitcoin price has recovered to $64,187 after falling to about $62,690 before recovering.
Crypto analyst Ali Martinez notes that the $63,111-$61,849 area is now an important support zone. If Bitcoin holds this range, buyers could try to push the price back toward $64,500-$64,700.
But demand from U.S. buyers remains weak. The Coinbase Premium has stayed negative, with the latest reading near -0.0743. A negative premium means Bitcoin is trading cheaper on Coinbase than on other major markets, pointing to weaker U.S. buying demand.
If Bitcoin loses the $61,849 support while selling pressure remains high, the next major downside level could be around $54,276.
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