Public companies that added Bitcoin to their balance sheets are now selling some of it. The latest data from Lookonchain puts the scale in focus: 14 public companies sold 108,247 BTC in 2026, worth about $8.08 billion. The number looks alarming at first, though the list is not a clean signal that treasury holders are panicking.
Miners lead the selling
MARA sold the most by far, about 40,581 BTC for $3.03 billion. That works out to an average of $74,446 per coin. Riot Platforms came next with 20,264 BTC, worth $1.51 billion, at roughly $73,231 each. Those two account for about half of the total.
Bitdeer was third, with an estimated 10,553 BTC leaving its wallets between January and September. A closer look shows most sellers were miners. Selling part of mined output to cover bills is a familiar practice. Core Scientific got the best price in the group, near $85,000 per coin. Sequans and KULR stood out because they held BTC as a treasury asset rather than as part of mining operations.
Short-term holders are taking losses
Newer buyers are also under pressure. CryptoQuant data showed the short-term holder SOPR seven-day average at 0.99. A reading below 1 means more people are selling at a loss than at a profit.
On 6 November, about 32,695 BTC held at a loss by short-term holders were sent to exchanges. That was roughly 89% of all the BTC they moved there that day. On 9 November, BTC fell to a new low near $74,000. More panic would have been easy to expect, but loss-making inflows dropped to about 9,900 BTC.
Price fell lower, yet fewer holders rushed to dump. In past cycles, a slowdown like that has sometimes appeared before a bounce. It is not a guarantee, of course.
Bitcoin tests a weaker market
At the time of writing, BTC traded near $73,686, down about 2.2% on the daily chart. In early October, the price was close to $86,000, so the drop since then is around 15%.
Bitcoin did try to recover. On 4 November, it jumped back above $80,000, only to lose that level the next day. The RSI was 33.8, below its signal line and not far from oversold territory.
A bounce may be possible if fewer loss-making coins are hitting exchanges. Sellers could be running low on steam, but the market still needs buyers to step in.
