Bitcoin miner Marathon Digital Holdings has transferred nearly $87 million worth of Bitcoin to major crypto service firms, sparking concerns about fresh selling pressure.
However, the transfers happened within roughly a 10-hour window while Bitcoin traded around the mid-$60,000 range after a sharp daily drop.
Miner & Whale Continue to Sell Bitcoin
One major pressure is coming from Bitcoin miners. The average mining cost has risen above $87,000, while Bitcoin trades near $65,402, forcing many miners to sell at a loss. CryptoQuant data shows miner reserves have dropped to 1.806 million BTC, confirming rising sell-offs.
Meanwhile, selling is not limited to miners. Santiment data reveals that Bitcoin whales and large holders are also reducing positions.
Wallets holding between 10 and 10,000 BTC now control just 68.04% of total supply, a nine-month low. These large holders have sold about 81,068 BTC in the last eight days alone.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
Marathon transferred $87 million in Bitcoin to institutional service platforms, which often indicates preparing for strategic sales, treasury management, or using holdings as collateral, but it retains over 52,850 BTC.
Many miners are selling because Bitcoin’s price near $65,000 is below the average mining cost of over $87,000, creating financial pressure to cover operational expenses despite potential losses.
After the recent transfer, Marathon Digital holds approximately 52,850 Bitcoin, valued around $3.42 billion, keeping it among the world’s largest corporate Bitcoin treasuries.
Yes, large holders (whales) are reducing positions; wallets holding 10-10,000 BTC now control a 9-month low of 68.04% of supply, selling over 81,000 BTC in just eight days.
Increased miner selling during a market dip can add short-term selling pressure and volatility, as it introduces more coins into the market when investor sentiment is already fragile.
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
About Author
