MARA Holdings has transferred 996.105 Bitcoin, worth approximately $81.13 million, to Galaxy Digital, according to blockchain data flagged by onchain analytics platform Lookonchain.
The transfer, identified on October 9, raised questions about whether the Bitcoin mining company was preparing to sell part of its holdings. However, the transaction alone does not confirm that a sale took place.
Lookonchain identified the sending wallet as MARA Miner and the receiving address as one associated with Galaxy Digital. The transfer involved nearly 1,000 BTC, but its purpose remains unclear.
Galaxy Digital provides institutional cryptocurrency trading, asset management and custody-related services. Bitcoin sent to its addresses may be intended for trading, custody, lending or other financial arrangements.
MARA has not provided a transaction-specific explanation for the transfer in the information available.
MARA’s latest Bitcoin transfer follows earlier sales
MARA Holdings, formerly known as Marathon Digital Holdings, operates Bitcoin mining facilities and maintains a corporate Bitcoin treasury.
The company has previously sold Bitcoin and used its holdings in lending arrangements to manage liquidity and support business operations.
In its second-quarter 2026 shareholder letter, MARA reported holding 35,577 BTC as of June 30. It also disclosed that it had sold 2,213 BTC during the quarter and deployed another 4,742 BTC through lending arrangements.
The latest transfer of 996.105 BTC represents roughly 2.8% of the Bitcoin holdings reported at the end of June. However, MARA’s actual balance may have changed since then.
Bitcoin miners face substantial costs for electricity, equipment, maintenance and financing. Some sell part of their Bitcoin to cover expenses or fund expansion, while others retain more of their mined coins.
MARA’s earlier sales show that the company has used its Bitcoin treasury to manage its finances. They do not, however, prove that the latest transfer was made for a sale.
MARA has sold Bitcoin and pledged holdings for loans
MARA has made several major treasury transactions during 2026 as it manages its mining business and invests in other areas.
According to previously reported figures, the company sold 23,093 BTC for approximately $1.63 billion during the first six months of the year. Its reported holdings fell to 35,577 BTC at the end of June, compared with 49,951 BTC a year earlier.
MARA’s second-quarter results also showed revenue of $174.9 million, down 27% from a year earlier, and a net loss of $611.3 million. The company mined 2,422 BTC during the quarter and reported an energized hashrate of 70.3 EH/s.
In August, MARA pledged 18,750 BTC as initial collateral for $600 million in loans from Coinbase Credit and Two Prime Lending. Each lender provided $300 million.
The company said the funding could support general corporate purposes, including financing connected to its planned acquisition of Long Ridge Energy and Power.
MARA has also been investing in energy infrastructure, artificial intelligence and high-performance computing while continuing its Bitcoin mining operations.
Other transfers have raised similar questions. Lookonchain previously flagged a movement of 6,000 BTC from MARA to Two Prime, worth approximately $384.6 million at the time. The analytics platform cautioned that the transfer did not necessarily indicate a sale.
Another transaction in June was initially interpreted as a possible Bitcoin purchase by MARA. VanEck’s head of digital assets research, Matthew Sigel, disputed that interpretation, saying it likely involved the return of collateral from a Bitcoin-backed loan.
These examples show why large blockchain transfers need to be interpreted carefully. A movement of Bitcoin between wallets or to an institutional counterparty does not automatically mean the assets have been sold.
Bitcoin price faces further downside risk
Bitcoin was trading near $82,300 on October 9 after several days of losses. Technical indicators in the market report suggested that short-term selling pressure remained in place.
BTC had declined from around $85,578 on October 6 to a daily close near $81,706 on October 8. It briefly touched approximately $80,514 before recovering some ground.
Bitcoin was trading below its 10-day and 20-day exponential moving averages, located near $83,734 and $83,226, respectively. These levels could act as resistance if the price attempts to recover.
The Moving Average Convergence Divergence (MACD) indicator also remained below its signal line, suggesting that bearish momentum had not fully faded.
The 14-day Relative Strength Index was around 49, indicating broadly neutral momentum rather than deeply oversold conditions.
If selling continues, Bitcoin could revisit the recent low near $80,514. A sustained move below that level could expose the next support area around $79,742, followed by stronger support near $76,638.
On the upside, Bitcoin would need to reclaim the $83,226–$83,734 range to improve its short-term technical position. A stronger recovery could bring resistance near $87,061 into focus.
Despite the recent weakness, Bitcoin remained above its 50-day and 200-day exponential moving averages, which were around $79,742 and $75,302, respectively. These longer-term levels suggest that the short-term decline has not, by itself, confirmed a broader trend reversal.
MARA’s $81.13 million transfer has added another point of interest for Bitcoin traders, but there is no confirmed evidence that the company sold the coins on the open market. Bitcoin’s next move will depend on broader market conditions and whether buyers can defend the recent support levels.
