Are miners also unable to hold on? MARA transfers out 1,318 Bitcoins, signaling a "miner surrender" and triggering anxiety in the crypto community.

The cryptocurrency market is in chaos. Besides retail investors mourning and institutions withdrawing funds, even the “producers” at the top of the market chain are beginning to get restless. According to on-chain data monitoring platform Arkham, the global mining leader MARA Holdings earlier today (6th) transferred a total of 1,318 Bitcoins (approximately $86.89 million) to major trading counterparties and custodial institutions, sparking market concerns that miners may soon be “forced to sell” Bitcoin to maintain cash flow. Looking at the transfer structure, the largest amount of funds went to Two Prime. On-chain records show that MARA Holdings first transferred 653.773 Bitcoins, worth about $42.01 million, and shortly after added another 8.999 Bitcoins, valued at approximately $578,000. Two Prime is a credit and trading counterparty in the cryptocurrency market, so it is still unclear whether these Bitcoins are being used for investment profit strategies or being dumped on the spot market. Additionally, MARA Holdings also transferred 200 Bitcoins and 99.999 Bitcoins respectively to an address belonging to BitGo, totaling about $20.4 million. BitGo is a cryptocurrency custodian often used for asset safekeeping or institutional-level operations. As for the remaining 305 Bitcoins (about $20.72 million), they flowed into a new, unmarked wallet address, with their specific purpose still under observation.

Why is the market particularly tense? The key lies in the “timing” In fact, large transfers by miners do not necessarily mean immediate selling. They could be routine financial adjustments, asset custody relocations, or preparations for over-the-counter (OTC) trades. However, in the current liquidity-starved market environment, any movement can be interpreted as a supply warning, further amplifying market anxiety. The large transfer of Bitcoins by MARA Holdings comes at a critical moment when the mining industry is under pressure. According to the latest data from Checkonchain, the average cost to mine one Bitcoin is currently $87,000. However, Bitcoin spot prices are fluctuating around $65,000, and earlier today even dipped to $60,000.