MARA Holdings moves $87 million in BTC as crypto selloff extends

Bitcoin miner MARA Holdings moved approximately 1,317 BTC, worth about $87.4 million, to various wallets, including one linked to digital asset manager Two Prime and others associated with BitGo. This significant transfer occurred as the cryptocurrency market experienced a selloff, with Bitcoin briefly dropping to $60,000 and trading around $66,417 as of early Friday. The market pressure also negatively impacted MARA's stock, which plunged nearly 19% on Thursday, contributing to a 34.72% monthly drop. Other major miners like IREN and CleanSpark also saw significant declines. This environment reflects a profitability squeeze for miners, as evidenced by the drop in daily revenue, measured on a seven-day moving average, from $41.5 million two weeks prior to $32.62 million as of Wednesday.

(Source：The Block)