Companies that bought Bitcoin [$BTC] to hold are beginning to sell some of it. And they’re not the only ones under pressure.
Hence, the question: What’s happening?
Are companies offloading $BTC?
Lookonchain data shows that 14 public companies sold 108,247 $BTC, worth $8.08 billion, in 2026.
MARA sold the most by far: about 40,581 $BTC for $3.03 billion, at an average price of $74,446 per coin. Riot Platforms came next, selling 20,264 $BTC worth $1.51 billion, at about $73,231 per coin.
Together, the two companies account for half the total.
Bitdeer ranked third, with an estimated 10,553 $BTC leaving its wallets between January and September.
A closer look at the list suggests that most of the companies are miners.
Selling some mined Bitcoin to cover expenses is nothing new. Core Scientific actually got the highest price in the group, about $85,000 per coin. Sequans and KULR appeared to be the outliers, since they held $BTC as a treasury asset.
Bitcoin’s STHs are selling at a loss, but…
…Less of it is at exchanges.
Cryptoquant data suggests newer $BTC buyers may also be feeling the pain. The short-term holder (STH) SOPR (7-day average) stood at 0.99 at press time. A reading below 1 essentially means that more people are selling at a loss than at a profit.
On 6 November, STHs sent about 32,695 $BTC held at a loss to exchanges. That was roughly 89% of all the Bitcoin they moved there 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.
The price fell further, but fewer people rushed to sell. In past bull markets, a slowdown like this has sometimes preceded a bounce.
Bitcoin’s slip under $74,000
At the time of writing, $BTC was trading around $73,686, down about 2.2% on the daily chart. In early October, its price was near $86K, suggesting a 15% drop since then.
To Bitcoin’s credit, it did try to recover.
On 4 November, Bitcoin’s price climbed back above $80K, but gave up those gains the very next day.
The RSI stood at 33.8, well below the Signal Line and not far from the oversold threshold.
So, is a bounce coming? With fewer loss-making coins reaching exchanges, sellers may be running out of steam.
Final Summary
- 14 public companies have sold 108,247 $BTC in 2026.
- Bitcoin fell below $74K, but loss-making sales to exchanges have slowed down.
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