TLDR
MARA Holdings transferred 1,318 BTC valued at $87 million to multiple wallets and exchanges Thursday
Largest transfer of 663 BTC went to Two Prime, with additional bitcoin sent to BitGo addresses
MARA stock crashed 18.72% to $6.73 as bitcoin fell to $60,000, now trading below $87,000 production cost
Bitcoin miner revenue dropped to $32.62 million from $41.5 million two weeks prior
Other mining stocks also fell sharply with IREN down 11.46% and CleanSpark losing 19.13%
MARA Holdings transferred 1,318 BTC worth $87 million across various wallets and exchanges Thursday. The moves happened as bitcoin crashed to $60,000 during an extended crypto market selloff.
Onchain data from Arkham shows the company sent 653.773 BTC valued at $42 million to Two Prime. The digital asset manager received another 8.999 BTC minutes later worth $578,000.
MARA also moved 200 BTC and 99.999 BTC to BitGo-linked addresses totaling $20.4 million. An additional 305 BTC went to a fresh wallet worth $20.72 million.
Marathon Digital Holdings, Inc., MARA
The transfers raised concerns among traders watching for forced miner selling. Crypto markets have experienced extreme volatility following this week’s liquidation-driven selloff.
Timing Raises Questions
Large bitcoin transfers from miners can mean different things. They could be routine treasury management, custody reshuffling, or collateral positioning. But traders often view them as potential selling pressure in thin markets.
The Two Prime transfer stands out because it involves a credit and trading firm. MARA could be posting collateral or entering a trading strategy rather than selling outright.
The context makes these moves more worrying for investors. Bitcoin has plunged nearly 50% from its peak above $126,000 last year.
Bitcoin now trades about 20% below the estimated $87,000 production cost for miners. This creates intense financial pressure across the mining sector.
Trading below production cost has historically marked bear market conditions. Miners must decide whether to sell holdings to cover operating expenses or hold through the downturn.
Mining Stocks Take Heavy Losses
MARA stock fell 18.72% Thursday to close at $6.73 on Nasdaq. The stock has dropped 34.72% over the past month as crypto prices tumbled.
The broader mining sector saw similar pain. IREN shares declined 11.46% while CleanSpark dropped 19.13% Thursday.
Bitcoin miner daily revenue fell to $32.62 million as of Wednesday on a seven-day moving average. This compares to $41.5 million just two weeks earlier.
The revenue decline shows the profitability squeeze hitting miners. Lower bitcoin prices directly hurt economics since miners sell coins to cover electricity and operational costs.
Bitcoin fell 5.8% over 24 hours to trade at $66,417 as of 1:00 a.m. ET Friday. The price briefly touched $60,000 Thursday, a weekly low that rattled markets.
Market Watches Miner Behavior
Traders remain focused on onchain data for signs of miner capitulation. Sustained selling from major miners could push bitcoin lower in already fragile conditions.
The profitability squeeze is forcing tough decisions across the industry. With bitcoin trading below mining costs, companies face pressure to sell inventory or secure financing.
MARA’s $87 million bitcoin movement across multiple counterparties shows the challenges facing miners. The company moved coins to trading desks and custody venues over a 10-hour window Thursday as markets sold off.
