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.
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