Bitcoin Price Tumbles 27%, Public Miners Contribute to Market Pressure

Bitcoin's price has taken a significant hit in 2026, plummeting by 27% since the start of the year. The cryptocurrency's value has fallen below $64,000, underperforming major assets such as the S&P 500. One key factor contributing to this decline is the net outflow of over $4.4 billion from spot crypto ETFs traded in the US.

According to Blockware Intelligence data, public Bitcoin mining companies have been selling off their holdings. At the beginning of the year, these companies held a total of 127,000 BTC, but their current balance has dropped to 99,000 BTC, resulting in sales of approximately 28,000 BTC.

The value of these assets is around $1.78 billion, which may seem lower compared to ETF outflows. However, market prices are often influenced by marginal buyers and sellers rather than total trading volume. During periods of weak buying interest, regular miner sales can have a more significant impact on the price.