Keel's Exit and Weak Payrolls Create Complex Bitcoin Price Dynamics

Keel's exit from Bitcoin mining has created both positive and negative pressure on the market. The company, which ceased all four US mining sites by June 29, 2026, has reduced network hashrate and miner selling pressure, a marginal supply-side positive for Bitcoin.

In contrast, Keel's ongoing BTC sell-down adds near-term price pressure. Between April 1 and August 7, 2026, the company sold 1,085 BTC for $75 million, retaining 1,861 BTC ($121 million). This signals continued selling pressure from a miner exiting the space.

A softer Fed outlook driven by weak payrolls is also bullish for Bitcoin. The July payrolls report showed a net loss of 23,000 nonfarm payroll jobs, missing forecasts by 103,000. Average hourly earnings rose just 3.2% year-on-year in July, below the pace of inflation, which eases the Fed's price concern.