MARA Sells $82.8M in Bitcoin Amid Shaky October Market

Precedent & Market Context

The bitcoin market has been volatile in October, with the cryptocurrency trading 34.5% below its all-time high. The market's thin liquidity, weaker ETF demand, and war risk are seen as headwinds for the market. Bitcoin's Open Interest (OI) has dropped for the second time since August, sparking concerns that the rally may be losing steam.

Main Event

MARA Holdings, a bitcoin mining company, has sent $82.8 million in bitcoin to exchanges in October. The latest transfer, valued at $82.8 million, follows a similar deposit made by the company on October 9. The deposits are not confirmed sales, but they indicate a potential shift in the company's strategy.

Analysis & Market Impact

The deposits are part of a larger trend of miners selling their bitcoin holdings. Public miners sold a record 32,000-plus BTC in the first quarter, BeInCrypto reported. Large miner deposits have continued this month. On October 16, Lookonchain also flagged Hut 8 depositing 1,589 BTC, worth $130 million, across several exchanges over 2 days.

Implications & Outlook

MARA's third-quarter results should show how many of the deposited coins were sold. The company's own filings show how much room it has to sell. The miner held 35,577 BTC at the end of June, according to its second-quarter letter to shareholders. That total included 9,270 BTC loaned out or pledged as collateral. MARA sold 2,213 BTC that quarter at an average price of $73,078. It also said it expects to keep selling Bitcoin on an opportunistic basis.

MARA Holdings has sent $82.8 million in bitcoin to exchanges in October. The company's third-quarter results should show how many of the deposited coins were sold. ##