Bitcoin miner MARA transferred 1,318 BTC worth approximately $86.89 million to a mix of counterparties and custodial locations in the last 10 hours, according to on-chain data tracked by Arkham.
The biggest share went to Two Prime. One transfer sent 653,773 BTC, or approximately $42.01 million, to an address labeled Two Prime, along with a smaller top-up of 8,999 BTC worth approximately $578,000 a few minutes later.
Separate outgoing transactions sent 200 BTC and 99,999 BTC to an address labeled BitGo, worth approximately $20.4 million at the time of transfer, while an additional 305 BTC was transferred to a new address, worth approximately $20.72 million.
Flow is important mainly because of timing. Crypto markets have seen wild swings since this week’s selloff, and traders are on the lookout for any signs that miners are turning into forced sellers.
Transfers related to large miners may involve routine cash management, custody reshuffling, collateral moves or preparation for an over-the-counter sale, but in a thin market they are often interpreted as a bid signal.
The Two Prime leg will attract the most attention as it is a credit and trading counterparty. If bitcoin is posted as collateral or included in a strategy, this does not necessarily involve a cash sale.
The transfers come amid a tough time for miners, with bitcoin falling nearly 50% from prices peaking above $126,000 last year.
Bitcoin is now around 20% below its estimated average production cost, as CoinDesk reported on Thursday, increasing financial pressure on the BTC mining sector.
The average cost to mine one bitcoin is around $87,000, according to Checkonchain data, while the spot price has fallen to a weekly low of $60,000. Historically, trading below the cost of production has been a hallmark of a bear market.
