Bitcoin miners abandoned a record 40,000 BTC in the first quarter of this year – more than all of 2025 combined and well above the 20,000 BTC sold in the panic following Terra’s collapse in mid-2022. This number is hidden beneath the surface of what otherwise looks like a resurgent market.
Miners are reporting problems even as prices rise
According to Glassnode data, the sell-off came as mining difficulty fell 2.4% to 135 trillion, while the network hashrate increased this month from around 978 exahash per second to 992 EH/s.
When manufacturers sell at record rates during downturns, it points to one thing: tight margins. Mining economics have not recovered in the way the price chart might suggest, and any sustained move above $80,000 would have to absorb further selling from the same group.
Bitcoin traded at noon Tuesday at $76,827, up 1.4% in 24 hours as Iran confirmed it would send a delegation to Pakistan for a second round of ceasefire talks.
Ether gained 1.18%, reaching USD 2,311. XRP rose 1.2% to $1.42. Solana lagged behind, up just 0.9% on the day and down 1% on the week.
The broader market moved in the same direction. The MSCI All Country World Index rose 0.1% after Monday’s break, with Asian shares leading the way and the regional technology index gaining 2.38%.
Brent crude fell 0.7% to $94.80 a barrel. Gold fell 0.6% to about $4,800. Silver fell 1% to $78.89. Treasury content and the dollar remained largely unchanged.
A term that markets cannot ignore
Two weeks cease-fire between the US and Iran expires on Wednesday evening, Washington time. US President Donald Trump said on Monday that he did not plan to extend it.
Markets are currently pricing in prices close to this date. Three ships tried to pass through Strait of Hormuz early Tuesday, with US and Iranian blockades still dynamic – which will be the first real test of whether the waterway will be cleared before any deal is signed.
Bitcoin lagged equities during this stretch. The MSCI ACWI index has been rising for 11 days and has only stumbled once since the beginning of de-escalation. In contrast, Bitcoin retreated from below $75,000 to just above $76,000 over the same period.
Demand for ETFs remains at a minimal level
Find bitcoins ETFs It earned $996 million last week, according to SoSoValue. Ether spot ETFs it earned $276 million in the same period. Institutional buying has kept prices below floor levels even as miners push supply into the market.
Research firm Kaiko says a neat break above $76,000 would open the way to $85,000. K33 analysts indicated the same level as a potential brief squeeze trigger. On the other hand, the main risk factor that investors are paying attention to remains a drop below $75,000 – if Wednesday’s deadline passes without a deal.
Bitcoin’s ceasefire rally has revitalized the alpha cryptocurrency. Miners apply them to sell. Until this changes, the reflection has a floor but no limpid roof.
Featured image from Unsplash, chart from TradingView
