Bitcoin Miner MARA Moves $86.9M in BTC as Market Volatility Puts Miners Under Pressure

Bitcoin miner Marathon Digital Holdings (MARA) transferred 1,318 BTC worth approximately $86.89 million to a mix of counterparties and custody destinations over the past 10 hours, according to onchain data tracked by Arkham. The large bitcoin movements have caught traders’ attention as crypto markets remain volatile following a liquidation-driven selloff earlier this week.

The largest portion of the transfer was sent to Two Prime, a well-known crypto credit and trading firm. One transaction moved 653.773 BTC, valued at around $42.01 million at the time, to a wallet tagged as belonging to Two Prime. Just minutes later, MARA followed up with an additional transfer of 8.999 BTC worth roughly $578,000 to the same counterparty. These transactions suggest a potential collateral posting, treasury adjustment, or strategy rotation rather than an immediate spot market sale, though market participants are watching closely.

In addition to the Two Prime transfers, MARA sent 200 BTC and 99.999 BTC to a BitGo-tagged address in separate outbound transactions. Together, those transfers totaled about $20.4 million. Another 305 BTC, worth approximately $20.72 million at the time, was moved to a newly created address, adding further speculation around custody reshuffling or internal treasury management.

The timing of these bitcoin transfers is particularly notable. Crypto markets have been swinging sharply, and traders remain sensitive to any signs that miners may be turning into forced sellers. While large miner-related transactions are often routine and not necessarily bearish, they are frequently interpreted as potential supply signals in thin or fragile market conditions.

These movements also come during a challenging period for bitcoin miners. Bitcoin is down nearly 50% from last year’s peak above $126,000 and is currently trading near $60,000. According to CoinDesk and data from Checkonchain, bitcoin is now roughly 20% below its estimated average production cost of around $87,000 per BTC. Historically, sustained trading below production cost has been associated with broader bear market conditions, increasing financial pressure across the mining sector and keeping investor attention firmly on miner behavior.