Marathon Digital Holdings, one of the leading Bitcoin mining firms, has sent another 644 BTC to major exchanges, continuing its string of transfers in November.
The move comes amid mounting pressure on mining firms, with the hashprice index dropping to a record low.
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Marathon Digital Continues Bitcoin Transfers in November
According to blockchain analytics firm Lookonchain, the company transferred 644 BTC, valued at approximately $58.7 million, in several separate transactions to FalconX and Coinbase Prime. The activity reflects a broader trend, as the firm continues to shift assets.
For instance, just three days ago, Marathon Digital sent more than 150 BTC to Coinbase Prime. Earlier this month, it moved a total of 2,348 BTC worth over $215 million at current market prices to FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime.
Marathon Digital Holdings’s Bitcoin Outflows. Source: ArkhamThese transfers do not, by themselves, confirm whether the firm is preparing to sell, adjust its treasury operations, or pursue other strategic uses of the assets. The purpose of such movements can vary depending on the company’s operational needs and market positioning.
The timing aligns with worsening mining economics. Hashrate Index data showed that the Bitcoin Hashprice Index has been declining since July.
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According to the latest figures, it has dropped to an all-time low of $38. This metric gauges expected daily earnings per unit of mining power. The block reward is currently 3.15 BTC.
The firm’s Q3 financial report adds further context. The company reported $252 million in revenue, representing a 92% year-over-year increase. However, the makeup of that growth is drawing attention.
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MARA Holdings CEO Weighs In On BTC’s Decline Below $90,0000
Meanwhile, the firm’s reliance on Bitcoin exposes it to cyclical pressures. BTC has been trending downwards since October, even dropping below $90,000 this week.
At press time, it traded at $91,697, representing modest daily gains of 0.36194%.
Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsFred Thiel, CEO of MARA Holdings, said Bitcoin’s drop below $90,000 reflects a “perfect storm” of macro pressure and investor profit-taking. He pointed to the Federal Reserve’s hawkish shift as a major catalyst, causing expectations for a December rate cut to drop from 97% to 44%.
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That shift, he said, drained liquidity from high-beta assets such as Bitcoin. Thiel added that the six-week US government shutdown intensified uncertainty by creating a “data vacuum” at a crucial moment for markets.
He described the sell-off as “textbook profit-taking” after a strong rally, worsened by thin liquidity and elevated leverage. Thiel also pointed to Bitcoin’s tight correlation with tech stocks, which have fallen about 9% this month amid earnings warnings and fading AI enthusiasm. According to him, this reinforces Bitcoin’s current role as a high-beta risk asset.
Thiel concluded that with markets adjusting to the prospect of higher-for-longer interest rates, digital assets are experiencing the impact more acutely.
Source: https://beincrypto.com/mara-bitcoin-transfer-hashprice-record-low/
