Public Bitcoin miners sold between 28,000 and 32,000 BTC in the first half of 2026, worth approximately $1.78 billion, as they pivoted to AI. Meanwhile, spot Bitcoin ETFs attracted $3.8 billion in net inflows over three weeks, with the total crypto market cap swelling to nearly $2.7 trillion. Exchanges and stablecoin issuers captured the rally’s upside while miners, depleted of their Bitcoin treasuries, missed out. USDT dominance showed a potential « death cross » signal, suggesting stablecoin dominance is weakening.
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