One of the reasons why BTC hasn’t been able to rise has been found. Mining company MARA announced on March 26 that it sold 15,133 BTC between March 4 and March 25, with a total value of approximately $1.1 billion, to repurchase convertible bonds and reduce leverage. And today, MARA will continue selling its BTC holdings. According to the report released at the beginning of the year, MARA holds about 53,822 BTC. Contrary to traditional institutions’ bullish predictions for BTC by the end of March, BTC saw a net inflow of $1.731 billion in the first half of the month, but has experienced a net outflow of about $401 million since the second half of the month. Interestingly, even with an ETF net inflow of $1.33 billion in March, the price has still returned to where it was on March 1. This shows just how strong the cash-out intentions are among BTC holders within the crypto space. MARA is just a microcosm of many crypto institutions and mining companies. Traditional institutions don’t seem to realize that the value consensus within the crypto space is slowly fading.