Bitcoin is absorbing selling pressure from miners, spot ETFs and Strategy at the same time, even as whale wallets keep buying. Analyst Ali Martinez warns that a break below key support could send the price toward $54,276.
Bitcoin faces selling pressure from three directions at once. Miners have sold 1,648 BTC over the past ten days, worth about $106 million, while spot ETFs posted large outflows and Strategy paused its purchases. As a result, one of the market's steadiest sources of demand has gone quiet just as coins hit exchanges from other directions.
Miners and ETFs keep selling
Miners continue to manage costs and shift computing power toward AI, and their computing capacity reportedly has fallen about 20% over the past three quarters. Riot Platforms sold 9,665 BTC in the first half of 2026, while MARA Holdings sold 23,093 BTC but still holds 35,577 BTC. That gap suggests miners are raising cash rather than exiting Bitcoin entirely.
Spot Bitcoin ETFs added to the pressure, too. The funds recorded about 6,195 BTC in net outflows last week, worth roughly $385 million.
Strategy stops buying
Strategy, the largest corporate Bitcoin holder, had been a steady source of buying demand, but that support has now slowed. The company has sold 6,948 BTC so far this year, cashing out approximately $432.5 million. Last week, Strategy reported no Bitcoin purchases or sales between August 10 and August 16, leaving its holdings unchanged at 840,447 BTC.
At the same time, the company raised about $333.7 million through MSTR stock sales, adding roughly $149.1 million to its dollar reserve and taking it to about $4.8 billion. So while Strategy did not sell Bitcoin this week, it is no longer providing the weekly buying investors had grown used to.
Whales keep buying, but exchange balances rise
The selling picture is not one-sided. Whale wallets have accumulated around 30,000 BTC over the past 17 days, buying that may be helping Bitcoin hold above $60,000 despite pressure from miners and ETFs. However, exchange balances have also increased by about 24,700 BTC over the past ten days, which could add another $1.59 billion in possible selling supply if those coins reach exchanges to be sold.
Bitcoin could drop toward $54,000
Bitcoin has recovered to $64,187 after falling to about $62,690. Analyst Ali Martinez notes that the $63,111-$61,849 area is now an important support zone; if it holds, buyers could push the price back toward $64,500-$64,700.
Meanwhile, demand from U.S. buyers remains weak. The Coinbase Premium has stayed negative, with the latest reading near -0.0743, pointing to weaker U.S. buying demand than on other major markets. If Bitcoin loses the $61,849 support while selling pressure remains high, the next major downside level could be around $54,276.
Source: Coinpedia Fintech News
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