Blockware Intelligence data shows listed BTC miners' holdings fell from ≈127,000 BTC to ≈99,000 BTC this year, implying roughly 28,000 BTC, or about $1.78B, sold. That adds to over $4.4B in net ETF outflows and treasury-firm selling. Miner profitability remains tight at about $74,300 average cost per BTC.
Matters because: This suggests a structural, less-visible supply overhang that could pressure BTC recovery independent of ETF flow headlines.