Bitcoin miner MARA Holdings moved 996 BTC to Galaxy Digital on October 9, according to on-chain data from Lookonchain. The transfer, valued at approximately $81.13 million, occurred during a broader market liquidation event.
The sale coincided with over $1 billion in total crypto market liquidations within 24 hours, affecting more than 181,000 traders. Bitcoin experienced nearly $220 million in long liquidations, while Ethereum led with over $280 million. The largest single liquidation occurred on Hyperliquid, involving $19.98 million in ETH.
MARA Holdings maintains substantial Bitcoin reserves despite recent moves. According to Arkham Intelligence, the miner's wallets still hold 7,913.44 BTC worth more than $652 million. The company has been active in transferring Bitcoin to Galaxy Digital in recent months, having moved more than 993 BTC to the same recipient in August.
Bitcoin's price decline below $80,500 reflected multiple market pressures, including elevated oil prices amid geopolitical tensions, 10-year US Treasury yields reaching 24-year highs, and outflows from spot Bitcoin ETFs. After geopolitical tensions eased, Bitcoin rebounded above $82,600, with the 10-year Treasury yield falling to 5.24%.
Derivatives markets showed signs of renewed buying interest following the liquidation event. Bitcoin futures open interest increased nearly 0.35% within four hours, with activity noted across CME, Binance, and other exchanges.
