Bitcoin miner MARA moves $87 million BTC to various trading desks and exchanges
Analysis
Price Impact
HighMarathon digital, a major bitcoin miner, moved $87 million worth of btc to various trading desks and custody venues. in a volatile and thin market, this large transfer, especially when miners are under financial pressure (btc below production cost), creates a strong perception of increased potential supply, which could lead to selling pressure.
Trustworthiness
HighThe information is based on verifiable on-chain data from arkham, reported by a reputable crypto news source (coindesk). the analysis considers multiple interpretations (collateral, treasury management, or potential sale), indicating a balanced view.
Price Direction
BearishThe transfer of a significant amount of btc by a major miner to trading platforms, coupled with the fact that bitcoin's price is currently below the estimated average production cost for miners, strongly suggests a potential increase in market supply. this could lead to selling pressure and a negative price reaction, as traders are wary of forced miner selling.
Time Effect
ShortThe market reaction to large potential supply signals in a volatile and thin market is often immediate. traders are likely to react quickly to the perceived risk of increased selling pressure.
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Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin miner MARA moves $87 million BTC to various trading desks and exchanges The largest transfers went to credit and trading firm Two Prime, which received more than 660 BTC, while additional chunks were sent to a BitGo address and a fresh wallet. By Shaurya Malwa Feb 6, 2026, 4:43 a.m. Make us preferred on Google What to know : Bitcoin miner Marathon Digital (MARA) moved 1,318 BTC worth about $86.9 million over 10 hours to a mix of counterparties and custody venues, onchain data from Arkham shows. The largest transfers went to credit and trading firm Two Prime, which received more than 660 BTC, while additional chunks were sent to a BitGo address and a fresh wallet. The timing of the transfers is drawing scrutiny from traders wary of forced miner selling in a volatile, thin market, though the moves could also reflect routine collateral or treasury management rather than imminent spot sales. Bitcoin miner MARA moved 1,318 BTC worth about $86.89 million to a mix of counterparties and custody venues over the past 10 hours, onchain data tracked by Arkham shows. The biggest slice went to Two Prime. One transfer sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, alongside a smaller 8.999 BTC top up worth about $578,000 just minutes later. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Separate outbound transactions sent 200 BTC and 99.999 BTC to a BitGo tagged address, together about $20.4 million at the time of transfer, while another 305 BTC moved to a fresh address, worth roughly $20.72 million. (Arkham) The flow matters mainly because of timing. Crypto markets have been swinging hard since this week’s liquidation driven selloff, and traders are on edge for any sign that miners are turning into forced sellers. Large miner related transfers can be routine treasury management, custody reshuffling, collateral moves, or preparation for an over the counter sale, but in a thin market they often get read as a supply signal. The Two Prime leg will draw the most attention because it is a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a strategy, it does not necessarily imply spot selling. The transfers comes amid a tough period for miners, with bitcoin down nearly 50% from peak prices above $126,000 last year. Bitcoin is now approximately 20% below its estimated average production cost, as CoinDesk reported Thursday, increasing financial pressure across the BTC mining sector. The average cost to mine one 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 production cost has been a feature of a bear market.