Public Bitcoin Miners Set New Q1 2026 BTC Sell-Off Record

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Apr 16 2026

MAGIC-0.855%

BTC-0.329%

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Record Miner Sell-Off: Publicly traded Bitcoin miners sold over 32,000 BTC in Q1 2026, setting a new quarterly record that surpasses the total for all of 2025, indicating increasing pressure on the sector.
Profitability Squeeze: The current hashprice is around $33 per PH/s per day, near the breakeven threshold of $35 for many operators, leading to profitability challenges with approximately 20% of miners operating at a loss on a cash-cost basis.
Diverging Market Dynamics: While miners are liquidating record amounts of BTC, Bitcoin treasury holders and corporate buyers are increasing their BTC purchases, highlighting a fundamental tension between miners' short-term liquidity needs and long-term accumulation strategies.
Uncertain Future Outlook: Industry researchers warn that if Bitcoin fails to recover significantly in the near term, capitulation among higher-cost operators could accelerate, further destabilizing the market.

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Technical Analysis for MAGIC

Technical Sentiment Analysis for Treasure (MAGIC). As of , Treasure (MAGIC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAGIC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, MAGIC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Treasure (MAGIC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0345	0.0387	0.0424	0.0466	0.0503	0.0545	0.0582
Fibonacci	0.0387	0.0417	0.0436	0.0466	0.0496	0.0515	0.0545

About MAGIC

Treasure is the decentralized game console. Founded in 2021, Treasure is a base layer for the next generation of games, powered by its native token $MAGIC. Treasure is a gaming network and blockchain that is built on the ZK Stack by ZKsync, one of Ethereum’s Layer 2 scaling solutions.Treasure is home to over 10 games, with notable titles that include: The Beacon, Wanderers, Zeeverse, and many others.The token was launched in September 2021 so its community could buy and sell in-game NFTs on Treasure. It also acts as a reserve currency for Treasure’s metaverse.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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