According to blockchain transaction data and on-chain analysis platform Lookonchain, MARA Holdings has transferred nearly 1,000 bitcoins to Galaxy Digital, valued at approximately $81.13 million.
On October 9, Lookonchain posted on X that it identified a transaction transferring 996.105 BTC from a wallet labeled “MARA Miner” to Galaxy Digital and another related address. The analytics firm inferred that this U.S. Bitcoin mining company may have sold these assets.
This transaction occurred approximately 10 hours before the time shown in the Arkham Intelligence screenshot attached to the post. Blockchain records indicate that the receiving address is labeled as Galaxy Digital (bc1qv), and the sending address is identified as MARA Miner (32i1m).
However, although Lookonchain describes this transfer as a potential sale, existing transaction data does not confirm whether Galaxy Digital sold the bitcoins on behalf of MARA or received them for other purposes.
Galaxy Digital provides institutional cryptocurrency trading, asset management, and other financial services. Transferring funds to its wallet may involve trading activity, custodial arrangements, or other transactions.
Lookonchain has not provided evidence that these transferred bitcoins have been sold on the open market.
MARA has previously sold assets.
MARA was previously known as Marathon Digital Holdings and operates Bitcoin mining facilities while holding a corporate Bitcoin reserve.
The company has previously sold part of its Bitcoin holdings while continuing to mine and accumulate new coins.
In its Q2 2026 shareholder letter, MARA disclosed that, as of June 30, it held 35,577 BTC. During the quarter, the company sold 2,213 BTC and deployed an additional 4,742 BTC through lending arrangements.
This data indicates that MARA has been using a portion of its Bitcoin reserves for activities beyond holding newly mined coins.
The recently transferred 996.105 BTC represent approximately 2.8% of the company’s reported holdings as of June 30; however, the actual reserve balance may have changed since that reporting date.
Bitcoin mining companies typically face operational expenses related to electricity, equipment, facility maintenance, and financing. Some operators sell mined Bitcoin or use reserve assets to meet these obligations, while others retain a larger portion of their output.
MARA's previous sale does not indicate the purpose of this transfer on October 9. The reviewed materials contain no specific transaction details from the company.
MARA previously used its Bitcoin reserves to finance operations and expansion.
MARA's disclosed Bitcoin movements continue a series of large reserve transactions earlier in 2026, including sales, collateralization arrangements, and transfers to institutional counterparties.
In August, crypto.news reported that the company sold 23,093 bitcoins in the first six months of this year, amounting to approximately $1.63 billion.
MARA uses the proceeds from these sales to fund operations, support investments, and manage liquidity. Its Bitcoin holdings amounted to 35,577 BTC at the end of June, compared to 49,951 BTC a year earlier.
The company's second-quarter financial report showed revenue of $174.9 million, a 27% year-over-year decline, and a net loss of $611.3 million.
This quarter, Bitcoin production reached 2,422 BTC, with the company disclosing enabled hash rate of 70.3 EH/s.
MARA subsequently pledged 18,750 BTC as initial collateral in August to secure $600 million in new loans from Coinbase Credit and Two Prime Lending.
Each lender is providing $300 million in new funding. MARA stated that the funds may be used for general corporate purposes, including partially financing its planned acquisition of Long Ridge Energy and Power.
The company has consistently invested capital in energy infrastructure, artificial intelligence, and high-performance computing facilities, while maintaining its bitcoin mining operations.
Earlier in August, Lookonchain also identified that MARA transferred 6,000 BTC to Two Prime, valued at approximately $384.6 million at the time.
At the time, the analysis firm specifically noted that this transfer does not necessarily represent a sale and could also involve asset management activities.
Similar questions arose in June, when Lookonchain claimed that MARA purchased 1,000 BTC through FalconX. Matthew Sigel, Head of Digital Assets Research at VanEck, subsequently challenged this purchase claim, suggesting the transaction was more likely a collateral return for a bitcoin-backed loan.
In the reviewed materials, MARA has not yet provided specific transaction details regarding the latest transfer of 996.105 BTC.
Is there a risk of further decline in Bitcoin's price?
On October 9, Bitcoin’s price remained under pressure, hovering near $82,300 after several consecutive days of decline, with technical indicators suggesting that sellers still hold the upper hand in the short term.
BTC fell from approximately $85,578 on October 6 to a closing price of $81,706 on October 8. It briefly touched a low of around $80,514 during the session before recovering part of the losses.
As of press time, the 14-day Relative Strength Index is approximately 49, indicating neutral momentum, but there is still room for further decline before Bitcoin enters oversold territory.
Bitcoin's trading price is below the 10-day and 20-day exponential moving averages at $83,734 and $83,226, respectively. Both indicators are generating sell signals, suggesting that buyers must reclaim these levels to alleviate current downward pressure.
The MACD remains below the signal line, indicating that although prices have recently rebounded, bearish momentum has not yet fully dissipated.
If selling pressure continues, Bitcoin may retest its recent low of $80,514. A sustained break below this level could lead to further downside toward $79,742 near the 50-day EMA, followed by a stronger support zone around $76,638.
However, over the longer term, the trend remains relatively stable, with BTC still above the 50-day and 200-day EMAs. Both indicators continue to generate buy signals, with the 200-day EMA positioned at approximately $75,302.
On the upside, Bitcoin needs to reclaim the $83,226 to $83,734 range to improve its short-term technical outlook. A sustained rebound above these moving averages could open the way toward the next resistance level at $87,061.
The report mentioned that MARA Holdings' Bitcoin transfers may have raised concerns about potential selling pressure, but existing on-chain data has not confirmed that these transferred assets have been sold on public markets.