Companies that bought Bitcoin [BTC] to hold are starting to sell some of it. What’s worse is that they’re not the only ones facing the heat.

Hence, the question: What’s happening?

Are companies offloading BTC?

According to data from Lookonchain, 14 public companies have sold 108,247 BTC worth $8.08 billion in 2026.

MARA has sold the most by far, about 40,581 BTC for $3.03B, at an average of $74,446 per coin. Riot Platforms was next with figures of 20,264 BTC. That’s worth $1.51 billion, at about $73,231 each.

Together, these two make up half of the total.

Bitdeer was in third, with an estimated 10,553 BTC leaving its wallets between January and September.

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Source: X

Looking closer at that list though, and it seemed to be pretty evident that they’re mostly miners.

Selling some of what is mined to pay the bills isn’t a new concept. Core Scientific actually got the best price of the group, at about $85,000 per coin. Sequans and KULR seemed to be the outliers here since they held BTC as a treasury asset.

Bitcoin’s STHs are selling at a loss, but…

…Less of it is at exchanges.

According to data from Cryptoquant, newer BTC buyers may be hurting too. The short-term holder (STH) SOPR (7d average) had a reading of 0.99 at press time. Anything under 1 essentially means more people are selling at a loss than at a profit.

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Source: Cryptoquant

On 6th November, about 32,695 BTC held at a loss by STHs were sent to exchanges. That was roughly 89% of everything they moved there that day.

Then, on the 9th, BTC dropped to a new low near $74K. You’d expect more panic, but loss-making inflows fell to about 9,900 BTC.

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Source: Cryptoquant

The price fell lower, but fewer people rushed to dump. In past bull markets, a slowdown like that has sometimes come before a bounce.

Bitcoin’s slip under $74,000

At the time of writing, BTC was trading at around $73,686, with the same down by about 2.2% on the daily chart. In early October, the price was near $86K. This hinted at a 15% drop since!

Now, to its credit, Bitcoin did try to bounce.

On 4th November, Bitcoin’s price jumped back above $80K, but wiped it out the very next day.

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Source: TradingView

The RSI was at 33.8, well below the Signal Line and not far from the oversold mark.

So, is a bounce on the way? Well, with fewer loss-making coins on exchanges, sellers are probably running low on steam.

Final Summary

• 14 public companies have sold 108,247 BTC in 2026.

• Bitcoin fell below $74K, but loss-making sales to exchanges have slowed down.