Bitcoin and precious metals remain under pressure as ~20% of miners are now unprofitable, with publicly traded miners already selling 32,000+ BTC in Q1 alone — more than all of 2024 combined. Forced BTC liquidation at scale creates persistent overhead supply and squeezes miners with negative net margins further into a cash-burn spiral.
All three names delivered double-digit revenue growth (CLSK +102% YoY), and if BTC stabilizes above the network's average cost of production, the forced-selling pressure dissipates rapidly and leveraged miners historically snap back 3-5x faster than BTC itself.
MARA and RIOT are burning equity at -144% and -102% net margins respectively while the industry just set a single-quarter BTC liquidation record, suggesting the balance sheet runway is shortening and a dilutive equity raise — which historically crushes miner stocks 15-30% — may be the next forced move.