$BTC MARA sold 15,133 BTC at $72,689 average, eating a $236m realized loss on an $80,900 cost basis, then authorized sale of all remaining 53,822 BTC to fund AI data centers. riot dumped 3,778 BTC in Q1 alone. the math: pure-play BTC miners trade at 1x book value. AI/HPC infrastructure trades at 10-25x book. every megawatt these companies redirect from mining to AI compute is a rational capital allocation decision dressed up as capitulation. miner reserves hit 1.8m BTC, lowest since 2018. 8 of 13 recent difficulty adjustments were negative. production cost sits at $80k-$88k per coin with BTC at $71k. they're losing $9k-$17k on every bitcoin mined. the leading indicator worth tracking: when MARA or riot transfer >500 BTC to exchange wallets, price tends to drop 2-5% within 48 hours. those wallets are publicly tracked. free alpha if you're paying attention