Public companies net bought over $2.5 billion worth of BTC in a single week, with mining companies selling a record 32k coins in Q1

Over the past week, the net buying volume of Bitcoin by publicly listed companies worldwide has exceeded $2.5 billion for the first time, setting a weekly record. Meanwhile, the amount of Bitcoin sold by listed mining companies in Q1 2026 reached 32k coins, also breaking quarterly records. The simultaneous expansion of buying and selling forces is reshaping the supply and demand structure of the Bitcoin market.

The Funding Structure Behind the $2.5 Billion Weekly Net Buy-in by Listed Companies

Is the weekly net buy-in of $2.5 billion sustainable? From the source of funds, this round of buying is mainly driven by listed companies in North America and Asia. Public disclosures show that over 15 listed companies increased their Bitcoin holdings in the past week, with several making single purchases of over 5,000 coins. These companies share common traits: ample cash flow, board approval for Bitcoin asset allocation, and relatively low previous holdings.

Unlike the institutional buying surge of 2024–2025, current buying behavior by listed companies shows a “deleveraging” characteristic. Most use their own funds rather than borrowed capital, indicating a higher tolerance for short-term price fluctuations and a longer-term holding outlook. On-chain data shows that these newly acquired holdings have not yet been transferred, further confirming their intention for long-term retention.

Factors Driving the Record of 32k Coins Sold by Mining Companies in Q1 2026

Why are mining companies accelerating sales in Q1 2026? The quarterly sale of 32k coins, a 42% increase from Q4 2025, is driven by two main factors: first, operational cost pressures. Since late 2025, total network hash rate has continued to rise, pushing the unit mining cost up to between $35,000 and $42,000. To sustain equipment upgrades and electricity expenses, mining companies have had to increase their sale proportions.

Second, there is a strategic shift in asset-liability management. Many listed miners accumulated significant Bitcoin inventories in 2025, but early 2026 financial reports show increased investor focus on profitability. To optimize liquidity and debt ratios, miners chose to reduce some inventories proactively in Q1. Notably, this round of sales is not passive liquidation but planned quarterly reductions; most miners still hold inventories sufficient to cover 6 to 9 months of operating costs after selling.

Implications of the Simultaneous Expansion of Supply and Demand

When both buyers and sellers expand their trading volumes simultaneously, how is the net market flow calculated? A simple subtraction suggests that the $2.5 billion buy-in corresponds to about 32k coins (roughly $2.2 billion at current market prices), resulting in a net purchase of approximately $300 million. However, this calculation overlooks two key variables: first, the buying behavior of listed companies can trigger follow-on effects from non-listed institutions; second, a significant portion of Bitcoin sold by miners is absorbed by OTC counterparties and does not directly flow into exchange liquidity pools.

Deeper structural changes indicate that Bitcoin’s pricing power is shifting from miners to institutional investors. From 2021 to 2023, miners’ selling pace significantly influenced market prices. Currently, the weekly buy-in of listed companies is equivalent to 78% of miners’ quarterly sales, meaning institutional demand can offset miner supply pressures in a shorter timeframe. Market sensitivity to miner sales is decreasing, while attention to institutional holdings is rising.

The Connection Between Miner Sales Records and the Bitcoin Halving Cycle

Does the record quarterly sale of 32k coins relate causally to the halving cycle? After Bitcoin’s fourth halving in 2024, block rewards decreased to 3.125 coins. Logically, the total amount miners can sell should decrease, yet the Q1 sales hit a new high. This apparent contradiction can be explained by the “inventory pre-positioning” logic.

Post-halving, the unit output per miner declines, but operational costs do not decrease proportionally. To prepare for potential cash flow pressures over the next 12–18 months, miners have chosen to sell inventories early, before the halving’s full impact manifests, to reserve cash. This behavior pattern has appeared after the 2016 and 2020 halving cycles within 6 to 12 months, but this time, the scale of sales and records have been rewritten, reflecting more proactive and front-loaded asset-liability management by miners.

How Supply and Demand Dynamics Affect Bitcoin’s Liquidity Pricing

What impact do the tug-of-war between institutional buying and miner selling have on Bitcoin’s liquidity pricing? From a market microstructure perspective, large buy orders from institutions are often executed via OTC markets and compliant custodians, which tend to have “low market impact costs.” Miner sales are more dispersed, with some sold directly on exchanges and others through OTC brokers.

This structure results in a key outcome: large buy orders are absorbed by OTC markets, while miner selling pressure partly transmits to the spot trading market. Therefore, short-term price volatility depends more on the pace at which miners supply liquidity to exchanges than on the absolute scale of institutional buying. When miners concentrate their sales into exchanges, prices may experience temporary adjustments; meanwhile, continuous institutional buying gradually raises the price floor, creating a “slow rise, quick fall” volatility pattern.

The Long-term Evolution of Diverging Behaviors Between Institutions and Miners

Does the current simultaneous expansion of institutional buying and miner selling imply a long-term divergence? Historically, miner selling tends to be cyclical, peaking 12–18 months after halving and then gradually declining. In contrast, institutional Bitcoin holdings tend to grow in a “stepwise” manner, with ongoing purchases once the board approves asset allocation.

Thus, Q2–Q3 2026 could be a critical window for supply-demand shifts. As miner selling pressures ease in Q2, if institutional buying maintains its current pace, net buy volume will significantly increase. Additionally, after selling 32k coins in Q1, some miners’ inventories are near two-year lows, limiting further large-scale sales. This “dual force” of strong buyers and sellers may transition in H2 2026 into a “persistent buyer, diminishing seller” pattern, providing long-term support for Bitcoin prices.

On-Chain Data Validating the True State of Supply and Demand

Besides exchange liquidity and miner address monitoring, what on-chain indicators can verify the real strength of supply-demand dynamics? Three key metrics are noteworthy. First, the change rate of Bitcoin balances in miner addresses. Q1 data shows that the decline rate of miner address holdings is 2.3 times the 2024 average, approaching the peak of miner de-risking during the 2021 bull market.

Second, the “dormancy coefficient” of Bitcoin addresses held by listed companies. Over 85% of the Bitcoin bought in this round are stored in addresses that have never transferred out, with an average holding time exceeding 45 days. This is much higher than during the 2025 institutional buying phase, indicating stronger long-term holding intentions.

Third, the net withdrawal volume of Bitcoin from exchanges. Last week, major exchanges saw a net withdrawal of 87k coins, the highest in nearly 18 months. Withdrawals often indicate investors transferring assets to self-custody wallets, a precursor to long-term holding. This metric’s synchronization with the expanding scale of institutional buying further confirms that institutional funds are substantially increasing long-term holdings.

Summary

The global weekly net buy-in of Bitcoin exceeding $2.5 billion, combined with the record sale of 32k coins by listed mining companies in Q1 2026, forms the core supply-demand narrative shaping the Bitcoin market in 2026. Institutional demand driven by long-term asset allocation strategies is gradually offsetting the supply pressure from miners’ accelerated selling due to operational costs and halving cycles. On-chain data shows that current buying funds exhibit stronger holding intentions, while miners’ inventories are at low levels, limiting further large-scale sales. The supply-demand landscape is expected to shift from “dual expansion” to “buy-side dominance” in H2 2026, further transferring market pricing power to institutional investors.

FAQ

Q1: How does the weekly net buy-in of $2.5 billion by listed companies compare historically?

This is the highest weekly net buy-in ever recorded for the group of listed companies. The previous record was $1.8 billion in March 2025. The current round is driven by over 15 listed companies, mainly using their own funds, with stronger long-term holding characteristics.

Q2: Does the 32k Bitcoin quarterly sale by miners indicate a bearish outlook for Bitcoin?

Not necessarily. The sales are mainly driven by operational cost pressures and asset-liability management, not price expectations. After the sale, most miners still hold inventories sufficient for 6–9 months of operations, reflecting proactive liquidity management rather than market pessimism.

Q3: What does the simultaneous expansion of institutional buying and miner selling mean for retail investors?

It indicates a maturing market structure. Large institutional buy-ins provide price support at the bottom, while phased miner sales may cause short-term volatility. For long-term investors, increased institutional holdings reduce the risk of sharp declines; for short-term traders, the timing of miner sales may present buying opportunities.

Q4: How can one track changes in Bitcoin holdings of listed companies and miners?

Through public disclosures in quarterly financial reports, monthly operational updates from miners, and on-chain address monitoring tools. Market data platforms like Gate also regularly update summaries of institutional holdings.

Q5: How long will this supply-demand pattern last?

Miner high-intensity sales tend to be cyclical, peaking 12–18 months after halving. Considering the 2024 halving, the first half of 2026 may be the tail end of miner selling. Meanwhile, institutional buying tends to be continuous; if current momentum persists, the supply-demand landscape could see a significant shift in H2 2026.