Miners Are Selling Less Bitcoin Than at Any Point Since the Last Halving

Hash-rate growth continues even as several public miners shift toward hodling reserves, betting on both price appreciation and AI-compute diversification. The development adds to a week already dense with signal for traders trying to separate durable trends from noise.

Bitcoin remains the market's gravitational center, and even incremental shifts in its supply, custody, or flow data tend to set the tone for every other asset this week.

Custody providers report that inflows have been concentrated among a small number of large accounts rather than broad retail participation, a pattern that tends to precede sustained trends rather than short-lived spikes.

On the derivatives side, funding rates across major venues remain within a historically neutral band, suggesting the move has not yet attracted the kind of leveraged speculation that usually marks a local top.

Mining economics continue to shift as well, with several publicly listed operators disclosing plans to allocate excess energy capacity toward AI compute contracts, diversifying revenue in a way that could reduce forced selling during price drawdowns.

Whether this proves to be a turning point or a footnote likely depends on confirmation over the next several sessions — the kind of follow-through that headlines alone can't provide.