Marathon Digital (MARA) moved 1,318 BTC — roughly $86.9 million — across multiple counterparties and custody venues over about 10 hours, on‑chain analytics from Arkham show. The largest single leg went to a Two Prime‑tagged address: 653.773 BTC (about $42.01 million), followed minutes later by an 8.999 BTC top‑up (~$578,000). Two BitGo‑tagged outflows of 200 BTC and 99.999 BTC together accounted for roughly $20.4 million at the time of transfer, and another 305 BTC (≈$20.72 million) went to a fresh address. Why it matters: markets have been jittery after this week’s liquidation‑driven selloff, and big miner transfers are closely watched as potential supply signals. Moves like these can be ordinary treasury or custody operations, collateral postings, or preparation for over‑the‑counter trades — but in a thin or volatile market they’re often interpreted as selling pressure. The Two Prime leg will draw extra scrutiny because the firm acts as a credit and trading counterparty; bitcoin routed there could be posted as collateral or deployed into trading strategies rather than immediately sold on spot markets. The timing also underscores mounting pressure on miners. Bitcoin is down nearly 50% from last year’s highs above $126,000, and CoinDesk reported that the token is trading roughly 20% below miners’ estimated average production cost. Checkonchain pegs the average cost to mine one BTC at about $87,000, while spot has slipped toward a weekly low near $60,000 — a dynamic that historically accompanies bear‑market stress for mining operators. Read more AI-generated news on: undefined/news