MARA, the largest publicly traded bitcoin miner, told the SEC it sold roughly 23,000 bitcoin for $1.63 billion in the first half of this year. The average sale price was about $70,600, comfortably above where bitcoin trades this morning.

One line in one filing, and a year of argument ends. Until now, anyone asking whether the miners were selling had to guess from on-chain data. MARA has now answered in writing.

It matters because miners sit at the base of bitcoin's supply. They receive the new coins the network issues, and what they do with those coins moves the price. What the market lacked until this filing was a disclosed number this size from the biggest of them.

The timing is what makes this uncomfortable. The recovery story finally has all its pieces. The funds just booked their best week since April at $1.1 billion. The price has held the mid-$60Ks for weeks. A bad jobs report has traders betting the next rate move gets friendlier, and everything lining up is the mood of the week. It is a fair mood. The numbers in it are real.

While that mood formed, the sellers kept filing.

Strategy, the largest corporate holder, sold another 1,690 bitcoin for $108.6 million last week. That is the second week running, and this time below what the coins cost it. The proceeds went to buying back one of its preferred share classes, which is exactly the policy the company has disclosed.

Riot signed a 20-year contract worth $9.1 billion to host AI data centers on sites built for mining. Keel shut every bitcoin mine it operates in the US to repurpose them for AI computing. Different companies, same direction, and none of it is anonymous coins moving on-chain anymore. It is filings, contracts and press releases.

And the buying that came back to meet it has a problem the headline number hides.