When Miners Stop Believing in Their Own Product North America's six largest public miners sold 32K+ $BTC in Q1, a single-quarter record that outpaced their total sales for all of 2025. MARA, CleanSpark, Riot and the rest didn't do this because they're bearish. They did it because they're underwater. Mining costs for these operations sit near $80K per coin. BTC is trading at $70K-$75K. That's $5K-$10K lost on every coin mined, before overhead. You don't hold in that environment. You sell to survive. But here's what makes this cycle different from previous miner capitulations: the proceeds aren't going to pay electricity bills and wait for the next rally. They're going into AI and HPC pivots. These six companies have collectively signed $70B+ in contracts to repurpose their infrastructure for compute. The bet has quietly shifted from "BTC goes up" to "our hardware has more value serving AI workloads than mining Bitcoin at a loss." CoinShares is flagging what comes next: unless BTC rallies hard, expect more capitulation selling from high-cost miners through H1 2026. That's sustained sell-side pressure from the very participants who are supposed to be the most convicted holders in the market. The uncomfortable read here: the people closest to Bitcoin's production are voting with their balance sheets, and they're not voting for BTC. Is this a structural shift or just a temporary repricing moment before the next leg up? #MinersDumpRecordBtc #DailyOrbit @OKX Orbit