One of the largest public Bitcoin treasury companies, Marathon Digital Holdings, transferred nearly $87million worth of Bitcoin to major crypto financial and investment firms, indicating potential selling pressure.
On February 6, the on-chain analytics platform Lookonchain revealed that the Bitcoin Miner MARA Holdings transferred a total of 1,318 BTC valued at 86.89 million to Two Prime, BitGo, and Galaxy Digital. As these are well-known institutional platforms that provide custody, trading, and liquidity services.
According to Arkham Intel’s blockchain analytics data, MARA Holdings had moved the largest amount of Bitcoin to the Two Prime; it transferred around 653.773 Bitcoin, which is worth around $42 million, and secondly, around 8.999 Bitcoin, which is worth around $578.27K, 10 hours ago.
Before that, MARA had transferred around 200 Bitcoin to BitGo, worth about $13.61 million, then again moved around 99.99 Bitcoin, which is worth around $6.81 million, as per the data. After the transaction, currently MARA Holdings has 12.256K Bitcoin, valued at $807.99 million.
As this huge transferring move happened at a time when Bitcoin fell and traded around $60,000 at one point on Thursday, it is currently 6.9% down and is trading at $65,925.
MARA shares faced a downturn of around 18.72% on the Nasdaq on Thursday to close at $6.73, with 34.72% monthly drop, as per the Google Finance data. With that, other Bitcoin miners’ IREN shares also plummeted 11.46%, RIOT platform shares fell around 14.71% and CleanSpark dropping 19.13%. As the declines signal ongoing pressure on Bitcoin miners as the broader crypto market faces volatility.
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