Marathon Digital moved 1,318 BTC valued at about $86.9 million during a broad crypto market sell-off. Arkham data shows the transfers took place over roughly 10 hours, with coins leaving miner wallets for institutional counterparties, custodial wallets, and a newly created address. The timing stood out. Bitcoin had briefly slipped toward $60,000, while MARA shares dropped nearly 19% in a single Nasdaq session.
Largest transfer went to Two Prime-linked address
According to Arkham, the biggest single transaction was 653.773 BTC, worth about $42 million, sent to an address associated with institutional services provider Two Prime. Marathon also transferred 200 BTC and 99.999 BTC to wallets linked to BitGo, with the two transactions totaling roughly $20.4 million. Those destinations do not by themselves confirm spot selling, but they drew attention because of the scale and timing.
New wallet received another 305 BTC
A separate 305 BTC transfer, valued at about $20.7 million, went to a newly created wallet with no publicly identified owner in the source material. That unknown destination added to market speculation. Large miner transfers during a downturn are often read as possible setup moves for sales, hedging activity, or collateral posting, though the transfer alone does not prove any of those outcomes.
Pressure on miners rose with BTC and MARA both falling
The on-chain activity arrived during a period of visible weakness in Bitcoin, which briefly traded near the $60,000 level before returning to the mid-$60,000s. Moves like this tend to attract extra scrutiny when miner margins are under pressure. At the same time, Marathon Digital’s stock came under heavy selling, with MARA falling almost 19% in one Nasdaq trading session.
Still, large outbound transfers from miner wallets do not automatically mean immediate liquidation on exchanges. The source notes that institutional counterparties, lending arrangements, and collateralized trading strategies can all require BTC to move on-chain without becoming direct spot sales. Based on the disclosed information, Marathon executed a large reshuffling of bitcoin holdings; the material does not confirm that the coins were sold.