Marathon Digital Holdings has moved a large amount of Bitcoin as the crypto market continues to slide. The company transferred Bitcoin worth about $87 million during a period of falling prices.
On-chain data shows Marathon moved 1,318 BTC over roughly 10 hours. The transfers were tracked by blockchain analytics firm Arkham.
The Bitcoin was sent to several destinations. These included institutional trading partners, custodial wallets, and one newly created address with no known owner.
The largest single transfer involved about 654 BTC, valued near $42 million. The funds were sent to a wallet linked to institutional services firm Two Prime.
Other transfers included 200 BTC and nearly 100 BTC sent to wallets associated with custodian BitGo. Together, these transactions were worth just over $20 million at the time.
Marathon also moved about 305 BTC, worth around $20.7 million, to a new wallet. The purpose of this transfer has not been confirmed.
The activity came as Bitcoin prices dropped sharply, briefly falling toward the $60,000 level. The market downturn has increased pressure on Bitcoin mining companies.
Investor concern also showed up in the stock market. Marathon’s shares fell nearly 19% in a single Nasdaq trading session as sentiment toward crypto miners weakened.
