On-chain monitoring shows that a wallet associated with MARA transferred 1,000 bitcoins to exchanges within five days, worth about $82.8 million. This is already the second time this month: on October 9, 996 coins (about $81.13 million) flowed to an address of Galaxy Digital. In its Q2 disclosure, MARA said it held 35,577 bitcoins as of the end of June, of which 9,270 were staked or lent out — this transfer of 1,000 coins accounts for about 2.8% of its holdings.
The pace is even more worth watching: in Q2, MARA sold 2,213 coins at an average price of $73,078 and explicitly said it would continue selling when the opportunity arose; in March it also sold 15,133 coins to buy back convertible bonds.
My take: when the price fell from $86,000 to $82,000 and ETFs saw net outflows of $910 million over two consecutive weeks, miners adding another round of supply means the supply side gets drained twice, and the second time is passive — not because they are bearish, but because they have electricity bills to pay.
The question is left here: if the third-quarter report confirms this was a sale, would you dare buy above $BTC 810, or wait for that 78,500 support level?
The pace is even more worth watching: in Q2, MARA sold 2,213 coins at an average price of $73,078 and explicitly said it would continue selling when the opportunity arose; in March it also sold 15,133 coins to buy back convertible bonds.
My take: when the price fell from $86,000 to $82,000 and ETFs saw net outflows of $910 million over two consecutive weeks, miners adding another round of supply means the supply side gets drained twice, and the second time is passive — not because they are bearish, but because they have electricity bills to pay.
The question is left here: if the third-quarter report confirms this was a sale, would you dare buy above $BTC 810, or wait for that 78,500 support level?
