Bitcoin is encountering a confluence of selling pressure from multiple major sources simultaneously, according to a recent report. Miners have been offloading BTC, spot Bitcoin ETFs have recorded significant outflows, and Strategy, the largest corporate holder, has paused its buying activity. Crypto analyst Ali Martinez warns that if the selling continues, Bitcoin could slide toward $54,276.

Miners and ETFs Add to Selling

Over the past 10 days, Bitcoin miners have sold 1,648 BTC, valued at approximately $106 million. This comes as miners manage costs and pivot computing power toward AI, with their capacity reportedly down about 20% over the last three quarters. Notable mining firms Riot Platforms and MARA Holdings sold 9,665 BTC and 23,093 BTC respectively in the first half of 2026, though MARA still holds 35,577 BTC, indicating partial rather than complete divestment.

Spot Bitcoin ETFs are also contributing to the pressure, recording net outflows of about 6,195 BTC last week, worth roughly $385 million.

Strategy Halts Purchases

Strategy, which had been a steady buyer, has slowed its accumulation. This year, the company has sold 6,948 BTC, cashing out approximately $432.5 million. Last week, between August 10 and August 16, Strategy reported no Bitcoin purchases or sales, leaving its holdings unchanged at 840,447 BTC. Meanwhile, the company raised about $333.7 million through MSTR stock sales, adding $149.1 million to its U.S. dollar reserve, which now stands at about $4.8 billion, and used funds for preferred-stock dividends and buybacks.

Whale Buying Offers Some Support

Despite the selling, whale wallets have accumulated around 30,000 BTC over the past 17 days, which may be helping Bitcoin stay above $60,000. However, exchange balances have increased by about 24,700 BTC in the last 10 days, potentially adding another $1.59 billion in possible selling supply if those coins are moved to exchanges.

Price Levels to Watch

Bitcoin has recovered to $64,187 after dipping to about $62,690. Analyst Ali Martinez identifies the $63,111-$61,849 range as a key support zone, noting that over 2 million BTC were previously transacted in this area. If Bitcoin holds this range, buyers might push the price back toward $64,500-$64,700. However, if it breaks amid rising selling pressure, the next major downside target is near $54,276. U.S. demand remains weak, with the Coinbase Premium staying negative at -0.0743, indicating Bitcoin trades cheaper on Coinbase than on other major markets.