During Bitcoin recent rally, major mining companies sold a staggering 9,580 BTC. Most notably, CleanSpark sold 5,000 BTC via OTC transactions on the 24th alone. Interestingly, a substantial amount of Bitcoin was offloaded by major miners precisely as the price was surging. Despite this, strong buying liquidity was present in the market, allowing it to absorb this large volume of selling while maintaining the upward momentum. However, the nature of miner selling today is fundamentally different from what we saw in previous cycles. In the past, miners were often forced to sell Bitcoin for survival amid severe conditions such as financial distress, mining bans, or deteriorating profitability. This time, however, the selling is closer to strategic monetization as miners evolve into diversified digital infrastructure platforms. Major mining companies are maintaining their core Bitcoin mining operations while expanding AI/HPC data centers as a new growth engine, actively utilizing their Bitcoin holdings to help fund the CAPEX required for this expansion. What is particularly interesting is that, even amid this significant selling, Bitcoin has managed to hold firmly around $67K, Mining Production Cost level. Unlike previous cycles, major miners are currently in relatively stable financial positions. They are securing capital for AI data center expansion by monetizing their Bitcoin holdings, while the market continues to defend Mining Production Cost level around $67K.(mignolet)