Web3: Bitcoin under pressure as miners, ETF, and strategy buying slow down

Bitcoin has recently faced multiple sources of selling pressure. Miners continue to reduce their holdings, spot Bitcoin ETFs have seen net outflows, and Strategy—long regarded as a stable source of buying power—has also temporarily paused its accumulation. With these forces changing simultaneously, the market is once again focusing on whether the $60,000 support level will hold.

Miners and ETFs Apply Pressure Together

In the past 10 days, miners sold a total of 1,648 BTC, which is approximately $106 million based on recent prices. The report notes that mining companies are both controlling costs and shifting part of their computing power and resources to AI-related businesses.

Some major mining companies have significantly increased their sales in the first half of this year. Riot Platforms sold 9,665 BTC in the first half of 2026, and MARA Holdings sold 23,093 BTC. However, MARA still holds 35,577 BTC, indicating that miners have not exited the market entirely but are instead selling part of their holdings to replenish cash.

Spot Bitcoin ETFs are also adding to market pressure. Last week, these funds saw a combined net outflow of around 6,195 BTC, equivalent to about $385 million. For the spot market, ETF outflows indicate a decrease in what had been a major source of new buying interest.

Strategy Pauses Accumulation

As one of the companies with the largest Bitcoin holdings in the world, Strategy has long provided steady buying support to the market. However, this support has recently slowed. According to reports, the company has sold 6,948 BTC so far this year, cashing out about $432.5 million.

During the week of August 10 to August 16, Strategy neither bought nor sold any Bitcoin, with its holdings remaining at 840,447 BTC. While the company did not reduce its position further this week, it also did not continue its familiar weekly buying pattern.

In the same period, Strategy raised about $333.7 million by selling MSTR stock. Of this, around $149.1 million was added to its dollar reserves, bringing the total reserves to about $4.8 billion. The report also states that part of these funds was used for preferred stock dividends and repurchase arrangements.

Whales Are Still Buying

Selling pressure is not expanding unilaterally. Data shows that in the past 17 days, whale addresses have accumulated approximately 30,000 BTC. This buying activity may be helping Bitcoin stay above $60,000 despite selling pressure from miners and ETFs.

However, exchange balances are also rising. Over the last 10 days, the amount of Bitcoin on exchanges increased by about 24,700 BTC. If these funds later move to the sell side, the report estimates the potential sellable supply could reach about $1.59 billion.

$61,800 to $63,100 Becomes Key Zone

In terms of price, Bitcoin previously dropped to around $62,690 before rebounding to $64,187. Quoting analyst Ali Martinez, the report points out that the $61,849 to $63,111 region forms the current key support zone.

If the price holds this range, buyers could push Bitcoin to test $64,500 to $64,700 again. If $61,849 is breached and selling pressure continues to mount, the next major level to watch on the downside could be around $54,276.