MARA Holdings, a Nasdaq-listed Bitcoin mining company, transferred roughly 1,317 BTC—worth about $87.4 million—over a 13-hour period as the crypto market faced renewed downward pressure.
Large Bitcoin Transfers Highlight Market Stress
Onchain data shows that the largest portion, 653.77 BTC valued at $43.4 million, was sent to an address linked to digital asset manager Two Prime. Smaller transfers included 8.999 BTC ($597,000) to the same address, 200 BTC and 99.99 BTC to BitGo-linked wallets, and an additional 355 BTC spread across unidentified addresses. These movements occurred as Bitcoin briefly fell to $60,000 on Thursday before recovering slightly to $66,417.
The selloff weighed heavily on crypto mining equities. MARA shares plunged 18.72% to close at $6.73, marking a 34.72% drop over the past month. Other major miners also saw declines, with IREN down 11.46% and CleanSpark falling 19.13%.
Miner Profitability Under Pressure
Bitcoin miner daily revenue, based on a seven-day moving average, has fallen to $32.62 million as of Wednesday, down from $41.5 million just two weeks earlier. The decline underscores the mounting profitability squeeze facing miners amid lower BTC prices and increased operational costs.
These developments highlight the ongoing volatility in both the crypto markets and the stocks of companies tied to digital asset production, reflecting the challenges miners face during periods of sharp price corrections.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.