Marathon Digital Holdings, one of many main Bitcoin mining companies, has despatched one other 644 BTC to main exchanges, persevering with its string of transfers in November.
The transfer comes amid mounting strain on mining companies, with the hashprice index dropping to a report low.
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Marathon Digital Continues Bitcoin Transfers in November
In response to blockchain analytics agency Lookonchain, the corporate transferred 644 BTC, valued at roughly $58.7 million, in a number of separate transactions to FalconX and Coinbase Prime. The exercise displays a broader development, because the agency continues to shift belongings.
As an example, simply three days in the past, Marathon Digital despatched greater than 150 BTC to Coinbase Prime. Earlier this month, it moved a complete of two,348 BTC value over $215 million at present market costs to FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime.
Marathon Digital Holdings’s Bitcoin Outflows. Supply: Arkham
These transfers don’t, by themselves, affirm whether or not the agency is making ready to promote, modify its treasury operations, or pursue different strategic makes use of of the belongings. The aim of such actions can differ relying on the corporate’s operational wants and market positioning.
The timing aligns with worsening mining economics. Hashrate Index information confirmed that the Bitcoin Hashprice Index has been declining since July.
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In response to the most recent figures, it has dropped to an all-time low of $38. This metric gauges anticipated day by day earnings per unit of mining energy. The block reward is at the moment 3.15 BTC.
The agency’s Q3 monetary report provides additional context. The corporate reported $252 million in income, representing a 92% year-over-year improve. Nevertheless, the make-up of that progress is drawing consideration.
“This growth is primarily attributed to the change in the fair value of digital assets, particularly Bitcoin, which accounts for $113 million. They are now mining less Bitcoin than a year ago, down to 22.5 BTC/day from 23.3 BTC/day in Q3 2024. To compensate for the revenue loss, they adopted the Saylor playbook. 33% of Mara’s Bitcoin treasury, totaling 17,357 BTC out of 52,850, is loaned, actively managed, or pledged as collateral to seek yield,” analyst Bart Mol highlighted.
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MARA Holdings CEO Weighs In On BTC’s Decline Under $90,0000
In the meantime, the agency’s reliance on Bitcoin exposes it to cyclical pressures. BTC has been trending downwards since October, even dropping under $90,000 this week.
At press time, it traded at $91,697, representing modest day by day positive aspects of 0.36194%.
Fred Thiel, CEO of MARA Holdings, stated Bitcoin’s drop under $90,000 displays a “perfect storm” of macro strain and investor profit-taking. He pointed to the Federal Reserve’s hawkish shift as a serious catalyst, inflicting expectations for a December charge minimize to drop from 97% to 44%.
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That shift, he stated, drained liquidity from high-beta belongings corresponding to Bitcoin. Thiel added that the six-week US authorities shutdown intensified uncertainty by making a “data vacuum” at a vital second for markets.
“We’re also seeing classic four-year cycle behavior play out…As we approached what many viewed as an October 2025 cycle peak, long-term holders and institutions began exiting positions. Spot Bitcoin ETFs posted $866 million in outflows on November 13th alone, and long-term holders have distributed over 815,000 BTC in the past month, the most aggressive selling we’ve seen since 2024.,” Thiel advised BeInCrypto.
He described the sell-off as “textbook profit-taking” after a robust rally, worsened by skinny liquidity and elevated leverage. Thiel additionally pointed to Bitcoin’s tight correlation with tech shares, which have fallen about 9% this month amid earnings warnings and fading AI enthusiasm. In response to him, this reinforces Bitcoin’s present position as a high-beta danger asset.
“When you combine persistent selling pressure with reduced market depth and the broader pivot toward historically safer assets like equities and gold, the move below $90,000 was a logical outcome given these converging factors,” he added.
Thiel concluded that with markets adjusting to the prospect of higher-for-longer rates of interest, digital belongings are experiencing the affect extra acutely.
