MARA Dumps $236M in Bitcoin as BTC Teeters Near $100K
- MARA moved 2,348 BTC, worth $236 million, to major exchanges within a 12-hour window.
- BlackRock has shifted over $1 billion in Bitcoin and Ethereum holdings to Coinbase Prime.
- Bitcoin fell below $100k as the fear index plunged sharply to 20, signaling widespread panic.
Marathon Digital Holdings (MARA) carried out one of its most active blockchain operations this year, transferring 2,348 BTC, worth about $236 million, to top exchanges and institutional desks in just 12 hours.
The movement came as Bitcoin briefly slipped below $100,000 for the first time in four months, drawing intense attention to miner activity and liquidity movements across the crypto landscape.
MARA’s Large Transfers Draw Market Focus
Blockchain analytics firm Lookonchain reported that several large Bitcoin transfers were made from wallets connected to Anchorage Digital Custody and NYDIG Custody, heading toward major institutional receivers.
The largest of these transactions involved 771 BTC, worth more than $77 million, while another 200 BTC, approximately $20.3 million, was transferred to Coinbase Prime.
Source: X
Smaller, repeated batches of roughly 3.1 BTC each were also tracked from unidentified sources to MARA-linked miner addresses. These appeared to be internal transactions preceding the larger outbound flows. In total, FalconX received more than 550 BTC, and Two Prime wallets took in over 650 BTC.
This sudden wave of activity marks a clear shift from MARA’s previously steady accumulation trend. The company now holds approximately 52,850 BTC, valued at around $1.8 billion, nearly double its reserves at the end of Q3 2024.
Financial Growth Remains Strong Despite Transfers
Even with the significant Bitcoin selloffs, MARA’s financial performance remains solid. The firm recently reported:
- 92% year-over-year revenue growth, reaching $252 million
- A turnaround from a $125 million loss to $123 million in profit
- A 98% increase in Bitcoin holdings year-over-year
The figures indicate that recent on-chain activity has occurred amid a period of strong operational and financial expansion for the miner.
BlackRock Joins the Flow With Over $1B in Crypto Movements
MARA’s transactions were not the only significant institutional shifts observed this week. BlackRock, the world’s largest asset manager, also moved more than $1 billion in Bitcoin and Ethereum from cold storage to Coinbase Prime across multiple transactions over the past five days.
Arkham Intelligence data shows:
- 3,496 BTC moved on October 31, worth $383.9 million.
- 31,754 ETH were transferred the same day, valued at $122 million.
- An additional $506 million in mixed crypto flows earlier this month
These transfers were linked to wallets associated with IBIT and ETHA, BlackRock’s Bitcoin and Ethereum ETFs.
Yet, BlackRock still holds over $94 billion in combined assets, with BTC representing $81.61 billion and ETH holding $13.23 billion. The firm’s continued activity places it among the most influential participants in institutional crypto settlement cycles.
Bitcoin Slips Below $100K as Market Fear Rises
The transfer activity unfolded as Bitcoin (BTC) fell below the psychologically significant $100,000 level, dipping to $98.9K before rebounding slightly. Sentiment matrices reflected the shift: the Fear and Greed Index declined to 20, signaling intense fear, while the Bitcoin Season Index fell to 25, down from highs above 59 last month.
As of press time, BTC trades near $101K, posting a 3% loss over the past 24 hours, a 10% decline over the past week, and a 17% drop over the past month. Despite the pullback, trading volume surged 37% to $112 billion, signaling that participation remains elevated even as volatility expands.
Related: Bitcoin Slips Below $100K, Triggering Billions in Liquidations
Technical Picture: BTC Tests Critical Wedge Support
On higher timeframes, Bitcoin is hovering near the lower boundary of its long-running ascending wedge pattern. The current price aligns with the wedge’s support trendline, the 50% Fibonacci retracement level, and a central Murrey Math support pivot.
BTC briefly bounced after touching this zone earlier today. Analysts observe that if this support holds, BTC could revisit the $106K zone and attempt to reclaim it, creating the first structural signal of a potential bullish reversal. Such a move would open the path toward retesting the $112K area.
Source: TradingView
However, a confirmed weekly close below this support range would mark a decisive break of trend, placing the $94K (38.2% Fib) and $87K (Murrey Math bottom zone) levels into focus. Momentum aligns with this pressure, as the RSI sits at 44 and continues trending downward after exiting overbought territory.
In summary, Bitcoin’s price action is facing deepening bearish sentiment as large institutional selloffs intensify. As prices briefly breached the $100K mark, market confidence weakened further, signaling fear-driven trading.
Bitcoin now hovers near its crucial support range around $98K to $94K, a zone that could define whether it rebounds toward $106K or breaks lower toward $87K.
