MARA dumped 23,093 $BTC for $1.6B in H1 2026.
Still sitting on 35,577 $BTC (~$2.3B).
This isn't capitulation. It's liquidity management at scale.
Most miners are overleveraged and forced to sell. MARA sold AND kept a fat stack. That's the difference between survival mode and playing offense.
The real alpha? Watch what they do with that $1.6B. Are they:
- Paying down debt?
- Buying more rigs?
- Sitting in stables waiting for a dip?
Miner balance sheets = leading indicator for $BTC supply pressure. If MARA's still holding this much, they're not bearish long-term.
Keep eyes on their next move.
Still sitting on 35,577 $BTC (~$2.3B).
This isn't capitulation. It's liquidity management at scale.
Most miners are overleveraged and forced to sell. MARA sold AND kept a fat stack. That's the difference between survival mode and playing offense.
The real alpha? Watch what they do with that $1.6B. Are they:
- Paying down debt?
- Buying more rigs?
- Sitting in stables waiting for a dip?
Miner balance sheets = leading indicator for $BTC supply pressure. If MARA's still holding this much, they're not bearish long-term.
Keep eyes on their next move.