Bitcoin’s mysterious crash: Miners stop selling – What’s next?

Bitcoin miners halt sales amid record production costs. Is this a sign of a price rebound? Explore the factors behind the BTC drop and future predictions.

Written by Charles Ledoux

Adapted by March 26, 2026 at 08:44 by Simon Dumoulin

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A Massive Deficit: Why Are Miners Capitulating?

The mining sector is going through an extremely bearish period. Currently, the average cost to mine a single Bitcoin stands at around $88,000, driven by surging energy and crude oil prices. With BTC trading around $69,000, operators are taking a net loss of nearly $20,000 on every coin generated. Faced with this financial bleed, many mining farms are being forced to shut down their least profitable machines.

🚨BEARISH: MINERS ARE LOSING $19,000 PER $BTC MINED

The cost to mine a single Bitcoin as of mid-March was around $88,000.

But with Bitcoin trading at around $69,000 in that period, miners are losing nearly $20,000 per coin mined.

A bad time to be a miner…

Source:… pic.twitter.com/P2VRNouT5Z
— BSCN (@BSCNews) March 22, 2026

Paradoxically, this pressure is not translating into massive market liquidations. On-chain data reveals that Bitcoin flows sent by miners to exchanges have dropped to unprecedented record lows. Miners prefer to hold their reserves, estimated at 1.8 million BTC, rather than selling at a loss. This behavior significantly reduces the structural selling pressure that usually weighs on the market.

The Massive Supply Shock Canceled Out by Phantom Demand

In theory, such a contraction in available supply should act as a catalyst for a new bull run. Fewer tokens in circulation against constant demand naturally drives prices higher. However, the crypto market is facing a persistent retracement. The main reason lies in a massive void on the demand side, particularly in the United States, where the Coinbase Premium index remains stubbornly negative.

Institutional investors, unnerved by geopolitical tensions and macroeconomic uncertainty, have reduced their exposure to risk assets. Volumes on derivatives markets are plummeting, preventing any significant bullish breakout. Without new capital to absorb the remaining supply, Bitcoin remains vulnerable to the slightest fluctuations, proving that a drop in supply alone is not enough to trigger a massive rally.

Can the Bitcoin (BTC) Price Explode This Year?

The current situation places the market in a state of extreme compression. If miners continue to hold their tokens and the macroeconomic environment stabilizes, even a slight resurgence of institutional buyers could trigger an unprecedented supply shock. Some analysts believe that this dynamic is typical of cycle bottoms, paving the way for a meteoric price surge.

Traders are divided between a drop below $60,000 and a bounce back to $85,000 in the coming weeks.

As the network hashrate adjusts and some players diversify into artificial intelligence to survive, the ecosystem is flushing out its weakest links. The burning question on everyone’s lips is now obvious: is this the calm before the storm and the perfect time to accumulate before Bitcoin makes another run at its ATH?

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Charles Ledoux

Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.

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