MARA Dumps $236M BTC Amid Bitcoin's Drop Below $100K: Big Moves Spark Market Buzz

Bitcoin miner Marathon Digital Holdings (MARA) moved 2,348 BTC worth $236 million to major exchanges within 12 hours.

This coincided with Bitcoin’s plunge below $100,000 for the first time in four months.

Market watchers saw this surge in miner and institutional activity as a potential signal of shifting crypto sentiment.

MARA’s Massive Bitcoin Transfers Stir Market Attention

Blockchain analytics from Lookonchain revealed MARA’s largest transfers included 771 BTC (over $77 million) and another 200 BTC ($20.3 million) routed to Coinbase Prime.

Smaller repeated batches preceded these large outflows, highlighting complex internal fund management. FalconX and Two Prime received over 550 BTC and 650 BTC respectively from MARA-linked wallets.

This sudden large-volume transfer marks a clear departure from MARA’s previous steady Bitcoin accumulation.

The company now holds approximately 52,850 BTC, worth about $1.8 billion, nearly doubling its reserves since Q3 2024.

Despite the selloff, MARA’s financial health appears robust. Recent company reports note 92% year-over-year revenue growth to $252 million, a swing from a $125 million loss to $123 million in profit, and a 98% boost in Bitcoin holdings year over year. MARA’s blockchain activity underscores a strategic asset reshuffle amid solid operational growth.

BlackRock Moves $1 Billion in Crypto as Bitcoin Dips

Institutional heavyweights joined the wave of significant asset movements. BlackRock transferred over $1 billion in Bitcoin and Ethereum from cold storage to Coinbase Prime over several transactions in early November.

According to Arkham Intelligence data, 3,496 BTC (about $384 million) and 31,754 ETH ($122 million) shifted on October 31 alone.

Earlier mixed flows added $506 million more in combined assets. BlackRock’s moves link to its Bitcoin and Ethereum ETF wallets.

Despite these large transfers, BlackRock’s crypto holdings remain substantial with over $94 billion in assets—$81.6 billion in BTC and $13.2 billion in ETH.

The asset manager remains one of the most influential institutional actors in crypto settlements, amplifying market impact as Bitcoin price fluctuates near critical support zones.

Bitcoin Slides Below $100K as Fear Index Surges

Bitcoin’s price briefly dipped to $98,900, a psychological threshold it had not crossed since July.

The Fear and Greed Index plunged to 20, signaling sharp market anxiety. Bitcoin’s Season Index also fell drastically from 59 to 25 within a month.

Despite the dip, trading volume surged 37% to $112 billion, showing high market activity amid volatility.

On the technical front, Bitcoin is hovering near the lower boundary of its long-term ascending wedge pattern.

The $98K-$94K zone combines key Fibonacci retracement, Murrey Math, and wedge support levels.

A bounce from this support might lead BTC back to the $106K range, potentially retesting $112K.

However, a confirmed close below this support may trigger further declines to $94K and $87K levels, exacerbated by momentum indicators showing weakening strength.