In a tense week for crypto markets, marathon digital has drawn attention after a sizable bitcoin transfer raised fresh questions about miner positioning.
Details of MARA’s latest BTC transfers
Over a 10 hour window, Marathon Digital (MARA) moved 1,318 BTC, worth about $86.9 million, to a mix of counterparties and custody venues, according to onchain data from Arkham. The activity has sharpened focus on how major miners are managing liquidity as volatility returns.
The largest flows went to credit and trading firm Two Prime, which received more than 660 BTC. Moreover, additional tranches were directed to a BitGo tagged address and a newly created wallet, underlining the diversity of destinations involved in the operation.
The timing of the transfers is drawing scrutiny from traders wary of forced miner selling in a volatile, thin market. However, the transactions could also reflect routine miner treasury management, collateral posting, or broader balance sheet optimization rather than imminent spot exchange sales.
Two Prime, BitGo and fresh wallet destinations
On a granular level, the biggest slice of the MARA BTC flow went to Two Prime. One transaction sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, followed just minutes later by a smaller 8.999 BTC top up worth about $578,000. Together, these transfers concentrated the bulk of the volume with a single trading and credit counterparty.
Separate outbound deals sent 200 BTC and 99.999 BTC to a BitGo tagged address, together totaling about $20.4 million at the time of transfer. Moreover, another 305 BTC, worth roughly $20.72 million, went to a fresh wallet, suggesting either a new custody arrangement or preparation for a specific transaction pipeline.
The Two Prime BTC transfer is likely to attract the most analysis because the firm operates as a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a structured strategy, it does not necessarily imply immediate spot selling pressure on exchanges. That said, traders often watch such moves closely in fragile conditions.
Market context and miner stress
The flow matters mainly because of timing. Crypto markets have been swinging sharply since this week’s liquidation driven selloff, and participants remain on edge for any sign that miners are turning into forced sellers. In such an environment, large miner related onchain shifts can rapidly influence sentiment.
Large marathon bitcoin transfers or similar moves by peers can be routine treasury operations, custody reshuffling, collateral adjustments, or preparation for over the counter deals. However, in a thin market they are frequently interpreted as a signal of future supply, even when the underlying purpose is more neutral or hedging related.
The transfers come amid a difficult period for miners, with Bitcoin trading nearly 50% below peak prices above $126,000 reached last year. Moreover, on Thursday CoinDesk highlighted that the network’s economics have deteriorated, compounding pressure on balance sheets across the sector.
Bitcoin production cost and pricing pressure
Bitcoin is now approximately 20% below its estimated average production cost, increasing financial stress for operators like MARA. The average bitcoin production cost sits around $87,000 per coin, according to data from Checkonchain, while the spot price has slid toward a weekly low near $60,000. Historically, trading below production cost has been a hallmark of bear market phases.
In that context, marathon digital moves of this size naturally prompt speculation over whether more miners may be forced to liquidate holdings or seek new financing structures. However, until the ultimate use of the BTC at Two Prime, BitGo and the fresh wallet becomes clearer, the transfers remain an important but ambiguous signal in an already stressed market.
Overall, the latest MARA transactions underscore how onchain mining flows can quickly become focal points for traders when prices undercut costs, liquidity thins, and market confidence wavers.
Source: https://en.cryptonomist.ch/2026/02/06/marathon-digital-btc-transfers/
