Bitcoin miners miss crypto rally as exchanges, stablecoins surge

Bitcoin just posted one of its best weekly performances since 2020, climbing roughly 25% in late August to touch highs around $80K. Spot ETFs are vacuuming up capital. Exchanges are swimming in volume. Stablecoin dominance is cracking. And the companies that literally produce Bitcoin for a living? They’ve been too busy selling their coins and building data centers to enjoy the ride. Public Bitcoin miners offloaded between 28,000 and 32,000 BTC during the first half of 2026, a stash worth approximately $1.78 billion at the time. Much of that selling funded a strategic pivot toward artificial intelligence and high-performance computing, with miners collectively committing over $70 billion to those sectors. The rally everyone else showed up for The numbers tell a clean story of capital rotating hard into risk assets. Spot Bitcoin ETFs attracted roughly $3.8 billion in net inflows over three weeks through early September, including a single-day surge of $731 million. Meanwhile, stablecoin allocations within crypto portfolios dropped 22% during the rally period. The total crypto market cap swelled to nearly $2.7 trillion. Exchanges benefited directly from the heightened trading activity...