What to know : Bitcoin miner Marathon Digital (MARA) moved 1,318 BTC worth about $86.9 million over 10 hours to a mix of counterparties and custody venues, onchain data from Arkham shows. The largest transfers went to credit and trading firm Two Prime, which received more than 660 BTC, while additional chunks were sent to a BitGo address and a fresh wallet. The timing of the transfers is drawing scrutiny from traders wary of forced miner selling in a volatile, thin market, though the moves could also reflect routine collateral or treasury management rather than imminent spot sales.
Bitcoin miner MARA moved 1,318 BTC worth about $86.89 million to a mix of counterparties and custody venues over the past 10 hours, onchain data tracked by Arkham shows.
The biggest slice went to Two Prime. One transfer sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, alongside a smaller 8.999 BTC top up worth about $578,000 just minutes later.
Separate outbound transactions sent 200 BTC and 99.999 BTC to a BitGo tagged address, together about $20.4 million at the time of transfer, while another 305 BTC moved to a fresh address, worth roughly $20.72 million.
The flow matters mainly because of timing. Crypto markets have been swinging hard since this week’s liquidation driven selloff, and traders are on edge for any sign that miners are turning into forced sellers.
Large miner related transfers can be routine treasury management, custody reshuffling, collateral moves, or preparation for an over the counter sale, but in a thin market they often get read as a supply signal.
The Two Prime leg will draw the most attention because it is a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a strategy, it does not necessarily imply spot selling.
The transfers comes amid a tough period for miners, with bitcoin down nearly 50% from peak prices above $126,000 last year.
Bitcoin is now approximately 20% below its estimated average production cost, as CoinDesk reported Thursday, increasing financial pressure across the BTC mining sector.
The average cost to mine one bitcoin is around $87,000, according to data from Checkonchain, while the spot price has fallen toward a weekly low of $60,000 Historically, trading below production cost has been a feature of a bear market.
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