On-chain data tracked by Arkham shows that Bitcoin miner MARA transferred 1,318 Bitcoins to counterparties and custody venues in the past 10 hours, worth approximately $86.89 million.
The largest share belongs to Two Prime. One transfer sent 653.773 BTC (approximately $42.01 million) to an address marked by Two Prime, followed a few minutes later by a smaller deposit of 8.999 BTC worth approximately $578,000.
Separate outbound transactions sent 200 BTC and 99.999 BTC to BitGo-flagged addresses, totaling approximately $20.4 million at the time of the transfer, while another 305 BTC was transferred to a new address, worth approximately $20.72 million.
The importance of traffic mainly lies in timing. Cryptocurrency markets have been wildly volatile since this week’s liquidation-driven sell-off, with traders nervous about any sign of miners being forced to sell.
Transfers related to large miners can be routine financial management, custody reorganizations, collateral transfers or preparations for off-market sales, but in thin markets they are often interpreted as supply signals.
The two prime legs will attract the most attention as it is credit and counterparty. If Bitcoin is used as collateral or converted into a strategy, it does not necessarily mean a spot sale.
The transfer comes at a difficult time for miners, with Bitcoin prices down nearly 50% from last year’s peak price of more than $126,000.
As CoinDesk reported on Thursday, Bitcoin is now about 20% below the projected average cost of production, adding to the financial pressure on the entire BTC mining industry.
The average cost to mine one Bitcoin is around $87,000, according to Checkonchain, while spot prices have fallen to a weekly low of $60,000. Historically, trading below production costs has been a feature of bear markets.