Bitcoin Miners Send $34M BTC To NYDIG As Selling Pressure Builds

Key Insights:

• Over the past 24 hours, major Bitcoin mining firms including MARA Holdings, Inc. (NASDAQ: MARA) and Riot Platforms have sent a massive 581 BTC worth $34 million to NYDIG (New York Digital Investment Group).
• These transactions occurred as MARA, the largest publicly traded Bitcoin miner, reported a 29% year-over-year decline in its Bitcoin holdings to 35,577 BTC in Q2 2026, and revenue fell 27% to $175 million.
• In addition to these deposits, crypto whales and Wall Street investors have also shown strong interest in BTC, as indicated by on-chain analytics platform Santiment and SoSoValue.

Amid the ongoing market recovery, Bitcoin (BTC) mining firms appear to be offloading their BTC holdings, which now raises concern about a potential price decline. Today, crypto transaction tracker, Lookonchain, shared a post on X, stating, “Bitcoin mining companies are selling BTC.”

According to the post on X, MARA (the largest publicly traded bitcoin miner) owns 36,303 BTC worth $2.34 billion and sent 200 BTC worth $12.86 million into NYDIG. Meanwhile, another mining firm, Riot Platforms, also sent 381 BTC worth $24.50 million to NYDIG.

These deposits were recorded as MARA reported a 29% year-over-year decline in Bitcoin holdings to 35,577 BTC in Q2, as per WuBlockchain, a media outlet. WuBlockchain further disclosed that MARA's revenue fell 27% to $175 million, while the company posted a net loss of $611 million and adjusted EBITDA loss of $361 million.

Bitcoin mining machine (ASIC) manufacturer Canaan plans to use its digital-asset treasury for a share buyback.. The report revealed that the company is planning to sell off $130 million worth of its BTC holdings. However, so far, no treasury sale or repurchase of shares has been recorded.

But all these developments towards a BTC selloff are raising concern and have increased fear of further downside moves.

Bitcoin: Whales and Wall Street Continue Accumulating

Despite all these bearish developments, whales and institutions continue to show confidence in BTC.

Today, on August 7, 2026, Santiment shared a report on X showing that Bitcoin whales and sharks are adding more and more BTC to their wallets at this $63,000 to $65,000 price range. According to the report, whales holding 10-10K BTC have increased their holdings by 0.34% since July 29, 2026.

However, at the same time, micro holders owning less than 0.01 BTC reduced their holdings by 0.59%.

This suggests that big players appear to be viewing the current market as an accumulation opportunity for potential accumulation and also hints at an ideal buying opportunity.

Apart from whales, Wall Street investors have also been displaying a similar trend.

According to analytics tool SoSoValue, U.S. spot Bitcoin exchange-traded funds (ETFs) have continued to record inflows over the past four trading days. Meanwhile, on August 6, 2026, the spot ETFs recorded an inflow of $128.69 million, indicating growing support for BTC amid the ongoing market recovery.

So what's next for BTC: Will it continue to recover or potentially decline in the coming days?

BTC Price Action and Key Level to Watch

According to the TradingView four-hour chart, as of press time, BTC seems was recovering, and its short-term bias appeared to be bullish. The chart further revealed that the asset recently broke out of a descending trendline. Additionally, it successfully retested the key support level and the 200-day Exponential Moving Average (EMA), indicating bullish dominance.

Based on the latest price action, if the BTC remains above the $64,000 level, the bullish outlook will remain intact. In this scenario, the asset could see a 2.85% price jump and may reach the $67,000 level. However, this bullish outlook could be invalidated if the BTC price falls below the $64,000 level.