MARA moves 1,650 BTC to Galaxy Digital and Copper, reviving selling concerns
In brief
- 1,650 BTC (about $132.8 million) moved from MARA to institutional platforms in 12 hours, per Lookonchain.
- Galaxy Digital and Copper, which offer both trading and custody services, were among the recipients.
- No sale has been confirmed; the coins may have moved for liquidity, collateral or other purposes.
- Lookonchain also flagged four large MARA transfers in October, two of them to BitGo.
What the on-chain data shows
Lookonchain's data shows the 1,650 BTC went out to multiple institutional crypto platforms within a 12-hour window. That's roughly $133 million worth of Bitcoin, and it's brought back concerns about possible selling pressure on the market.
So is MARA selling?
The data doesn't say. Galaxy Digital and Copper don't just run trading desks. Both offer trading and custody services for institutional clients, so a deposit isn't the same thing as a sale, and U.Today noted that MARA may have moved the assets for liquidity, collateral or other purposes.
Moving coins isn't the same as selling them.
A run of October transfers
This latest batch follows a series of large moves. On Oct. 9, MARA sent around 996 BTC ($81.13 million at the time) to a wallet linked to Galaxy Digital. That transaction sparked some speculation about selling, but it didn't confirm whether Galaxy Digital liquidated anything.
On Oct. 19, wallets linked to MARA sent 1,000 BTC (approximately $82.8 million) to exchanges including Binance, according to Lookonchain. Then on Oct. 27, MARA moved another 1,000 BTC (around $80.19 million) to institutional custody platform BitGo. The following day, Lookonchain flagged a second 1,000 BTC transfer to BitGo, worth about $80.66 million.
Why the transfers get attention
The wallet activity is only part of it. MARA has said it's no longer interested in holding all the Bitcoin it mines, a shift that puts each large outbound transfer from the miner under a closer lens.
Five sizable moves since Oct. 9 explain why the question keeps coming up. Still, none of the transfers Lookonchain tracked has been confirmed as a sale. Unless MARA discloses what it did with these coins, the on-chain record shows movement to trading, custody and exchange venues (not confirmed liquidation).
Frequently asked questions
Did MARA sell the 1,650 BTC it moved?
No sale has been confirmed. Lookonchain data shows MARA moved 1,650 BTC (around $132.8 million) to platforms including Galaxy Digital and Copper, but U.Today noted the transfers don't necessarily mean MARA sold BTC. The assets may have moved for liquidity, collateral or other purposes.
What other Bitcoin transfers has MARA made recently?
According to Lookonchain data, MARA moved about 996 BTC to a Galaxy Digital-linked wallet on Oct. 9 and 1,000 BTC to exchanges including Binance on Oct. 19. It then sent 1,000 BTC to custody platform BitGo on Oct. 27 and another 1,000 BTC to BitGo the following day.
