Bitcoin miner MARA (formerly Marathon Digital Holdings) shifted 1,318 BTC worth approximately $86.89 million to a mix of counterparties and custody venues over the past 10 hours, onchain data tracked by Arkham shows.
Transaction Details: Biggest Slice to Two Prime
The largest transfer went to credit and trading counterparty Two Prime: 653.773 BTC (about $42.01 million) entered a Two Prime-tagged address, followed minutes later by a smaller top-up of 8.999 BTC worth roughly $578,000.
Separate outbound transactions sent 200 BTC and 99.999 BTC to a BitGo-tagged address, totaling about $20.4 million at the time of transfer, while another 305 BTC moved to a fresh unlabeled address, worth roughly $20.72 million.
Market Reading: Routine Treasury or Forced Selling?
Timing matters. Crypto markets have been swinging hard since this week’s liquidation-driven selloff, and traders eye any sign that miners are turning into forced sellers. Large miner-related transfers can reflect routine treasury management, custody reshuffling, collateral moves, or over-the-counter sale preparation, but in thin markets they often get read as a supply signal.
The Two Prime leg draws 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.
Miner Financial Strain: BTC Below Production Cost
These transfers come amid a tough period for miners. Bitcoin is down nearly 50% from its peak above $126,000 last year, now trading around $60,000 — roughly 20% below the estimated average production cost of $87,000 per coin (data from Checkonchain), as CoinDesk reported Thursday. Historically, trading below production cost has been a hallmark of bear markets.