Key Takeaways
Nasdaq-listed miner Bitdeer (Nasdaq: BTDR) sold 193.8 bitcoin in the week ending May 8, 2026, continuing a zero-holding strategy that adds persistent supply to the market as Bitcoin trades near the $80,500 level.
The company's operational update confirms its policy of selling 100 percent of its mined coins, a stark contrast to the "hodl" strategy some miners adopted in previous cycles. "We will be opportunistic in liquidating the remainder of our Bitcoin balance," rival Core Scientific noted in its recent earnings, showcasing a more flexible approach.
The selling from miners is a consistent theme. Core Scientific (Nasdaq: CORZ) reported selling 2,385 BTC for $208.3 million in the first quarter, though it still held 547 BTC as of March 31. This selling pressure, however, is being met by historic demand from institutional buyers via spot Bitcoin ETFs. According to data from SoSoValue, U.S. spot ETFs attracted $1.97 billion in April, the strongest month of 2026, led by BlackRock's IBIT which saw roughly $2 billion in net subscriptions.
The dynamic creates a clear tug-of-war: miners are a consistent source of sell-side liquidity, while ETFs provide a powerful source of demand. Bitcoin's ability to hold the $80,000 level and push toward the key $82,000 resistance depends on whether the record-setting ETF inflows can continue to absorb the supply from miners like Bitdeer who are liquidating their holdings.
Bitdeer’s strategy of immediate liquidation provides the company with predictable cash flow to fund operations and expansion, but it forgoes the potential upside of holding bitcoin on its balance sheet. This makes BTDR a purer play on the profitability of the mining operation itself, rather than a leveraged bet on the price of Bitcoin. The company's approach is shared by some peers, with MARA Holdings (Nasdaq: MARA) also noted as having sold portions of its holdings in recent months.
The broader market context is defined by this battle between new institutional demand and existing miner supply. The $1.97 billion that flowed into Bitcoin ETFs in April more than offset the $1.37 billion from March and reversed a slow start to the year. This demand helped Bitcoin climb about 12 percent in April, its best monthly gain since April 2025, even as miners continued to sell. The outcome of this supply-demand tension will likely determine if Bitcoin can establish a new support level above $80,000.
This article is for informational purposes only and does not constitute investment advice.
