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Marathon Digital Holdings, one of the main Bitcoin miners, sent another 644 BTC to major exchanges, continuing its chain of transfers in November.
The move comes amid mounting pressure on mining companies, with the Hash Price Index falling to a record low.
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Marathon Digital continues Bitcoin transfers in November
According to the blockchain analysis company Lookonchain, the company By transfer 644 Bitcoin, valued at approximately $58.7 million, in several separate transactions at FalconX and Coinbase Prime. This activity reflects a broader trend, as the company continues to shift assets.
For example, just three days ago, Marathon Digital sent over 150 BTC to Coinbase Prime. At the beginning of the month, She is converted A total of 2,348 BTC is worth over $215 million at current market prices at FalconX, TwoPrime, Galaxy Digital and Coinbase Prime.
These transfers only confirm if a company is preparing to sell, modify treasury operations, or pursue other strategic uses of assets. The purpose of these movements can vary according to the operational needs of the company and its position in the market.
The timing coincides with Deterioration of the mining economy. demonstrated Data From the Hashrate Index, the Bitcoin Hash Price Index has declined since July.
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According to the latest figures, it fell to an all-time low of $38. This indicator measures the expected daily profits per unit of mining power. The block reward is currently 3.15 BTC.
The company’s third quarter financial report adds more context. The company reported revenue of $252 million, representing a 92% year-over-year increase. However, the formation of this growth attracts attention.
“This growth is mainly due to the change in the fair value of digital assets, especially Bitcoin, which represents $113 million,” explains analyst Bart Moll. “They are now mining less Bitcoin than they were a year ago, with production falling to 22.5 BTC/day from 23.3 BTC/day in the third quarter of 2024. To compensate for the loss of revenue, they adopted Saylor’s plan. 33% of Mara’s Bitcoin treasure, equivalent to 17,305 active BTC, managed by 572 active BTC. or pledged as collateral in search performance”.
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MARA Holdings CEO comments on BTC falling below $90,000
At the same time, the company’s exposure to Bitcoin depends on… Cyclic pressures. BTC has declined since October, even falling below $90,000 this week.
At press time, it was trading at $91,697, representing a moderate daily gain of 0.36194%.
Fred Thiel, CEO of MARA Holdings, said Bitcoin’s fall below $90,000 reflected a “perfect storm” of economic pressure and profiteering by investors. He pointed to the change in the Federal Reserve of the United States as one of the main factors, which led to lower expectations for a cut in interest rates in December. From 97% to 44%.
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He said this shift has pulled liquidity from high-risk assets like Bitcoin. Thiel added that the six-week US government shutdown has reinforced doubts by creating an “information vacuum” at a crucial time for markets.
“We are also seeing classic four-year cycle behavior… As we approach what many see as the peak of the cycle in October 2025, long-term investors and institutions will begin to exit positions,” Thiel told BeInCrypto. “Bitcoin ETFs recorded an outflow of $866 million on November 13 alone, and long-term holders distributed more than 815,000 BTC in the past month, the most aggressive selling we’ve seen since 2024.”
a description The sale as “traditional profit” After a strong rally, which was composed of weak liquidity and high leverage. Thiel also pointed to Bitcoin’s close correlation with technology stocks, which have fallen about 9% this month amid profit warnings and waning enthusiasm for artificial intelligence. According to him, this reinforces Bitcoin’s current role as a high-risk asset.
He added that when you combine sustained selling pressure with reduced market depth and a broader shift toward historically safe assets such as stocks and gold, a move below $90,000 was a logical outcome given these converging factors.
Thiel concluded that markets are adjusting to the possibility that interest rates will remain high for a longer period, leading to… Front digital assets The effect is severe.
