Bitcoin miners sell record 32,000 BTC in Q1 2026 amid profit squeeze and falling hashprice.

Public Bitcoin miners sold over 32,000 BTC in Q1 2026, a record quarterly high driven by collapsing mining revenue and rising costs. Hashprice fell below breakeven for older machines, forcing many to sell reserves and power down inefficient rigs, causing network hashrate to drop. This miner capitulation could signal a market bottom by clearing weak capacity, but weak demand from ETFs and corporate holders raises uncertainty. Key indicators to watch include hashprice recovery, hashrate stabilization, ETF inflows, and Bitcoin price reclaiming production costs.