Recent data reveals that fifteen major miners collectively sold over 40% of their bitcoin production last month, indicating a shift away from the ‘HODL’ trend observed in recent months. This action highlights miners’ adaptation to current market pressures and serves as an insight into how they are managing costs during challenging economic conditions. The move marks a break from the post-election pattern when miners were inclined to hold onto their bitcoin for longer, expecting even higher prices. 2023 has seen miners facing declining revenue per unit of computing power (hash price) and significantly lower transaction fees, forcing them to liquidate bitcoin to cover operational expenses, manage risk and stay agile in a volatile market.