Bitcoin miner MARA moved 1,318 BTC worth about $86.89 million to a mix of counterparties and custodians over the past 10 hours, onchain data tracked by Arkham shows.
The largest portion went to Two Prime. One transfer sent 653,773 BTC, about $42.01 million, to a Two Prime-branded address, along with a smaller 8,999 BTC charge worth about $578,000 just minutes later.
Separate outgoing transactions sent 200 BTC and 99,999 BTC to a BitGo-branded address, totaling about $20.4 million at the time of transfer, while another 305 BTC moved to a new address, worth about $20.72 million.
Flow matters mainly because of timing. Crypto markets have been swinging wildly since this week’s liquidation-driven sell-off, with traders on edge at any sign of miners turning into forced sellers.
Large miner-related transfers may be routine financial management, rescheduling, collateral moves, or preparation for an over-the-counter sale, but in a thin market they are often read as a supply signal.
The Two Prime leg will attract the most attention because it is a credit and trade counterparty. If bitcoin is pledged as collateral or rotated into a strategy, it does not necessarily imply spot selling.
The transfers come amid a tough period for miners, with bitcoin falling nearly 50% from peaks above $126,000 last year.
Bitcoin is now approximately 20% below its estimated average cost of production, CoinDesk reported on Thursday, increasing financial pressure across the BTC mining sector.
The average price to mine a bitcoin is around $87,000, according to data from Checkonchain, while the spot price has fallen toward a weekly low of $60,000 Historically, trading below the cost of production has been a hallmark of a bear market.
