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This is bearish for BTC in the short term, but not necessarily a sign that the bull market is over. The key signal is the combination of miner treasury movements + weaker mining profitability. If more miners sell BTC to cover operating costs, debt, or capital expenditure, that can add extra supply to the market. The important distinction is that transfers to execution wallets do not automatically mean the BTC has been sold. They indicate potential selling activity, so the actual exchange/OTC settlement and subsequent wallet movements matter more. What I’d watch next: Whether MARA/Riot continue moving BTC to execution or exchange-linked wallets Whether miner reserves keep declining BTC’s reaction around major support levels Miner selling occurring alongside weak spot ETF flows Hashrate/mining difficulty and miners’ margins Bottom line: miner selling is a short-term supply/headwind signal, not by itself a confirmation of a major BTC trend reversal. If miner outflows accelerate while BTC loses key support, the bearish signal becomes much stronger.