MARA Holdings transferred 1,000 BTC, valued at $82.8 million, to cryptocurrency exchanges Binance and Gate, according to blockchain analysis firm Lookonchain. The move has sparked speculation about a potential sale, though the company has not confirmed its intentions. Exchange deposits can indicate preparation for a sale or reflect custody arrangements.
The deposits echo MARA's earlier Bitcoin disposals. In early 2026, the company sold 23,093 BTC for $1.63 billion to fund artificial intelligence infrastructure and operations. The miner also liquidated 726 BTC in August to cover operational costs.
Despite the recent transfers, MARA retains substantial Bitcoin holdings of approximately 35,500 BTC worth $2.9 billion, with an average acquisition cost of $54,450. This leaves the company with significant unrealized gains even after its previous sales.
Treasury Recovery and Market Signals
Bitcoin treasury holdings across the industry recovered substantially between September and October, rising from approximately $80 billion to over $100 billion. However, rising valuations reflect higher prices rather than necessarily indicating firms accumulated additional Bitcoin.
U.S. demand indicators present a more ambiguous picture. The Coinbase Premium Index remained deeply negative for two consecutive months, suggesting Bitcoin traded at a discount on Coinbase relative to Binance. This pattern typically indicates weaker relative buying pressure from U.S. investors, though the metric does not isolate institutional activity alone.
Bitcoin Price Momentum
Bitcoin rebounded from $80,684 to $83,158 over the past day before retracing. At the time of reporting, BTC traded around $82,204, up 0.21% over 24 hours. The Relative Strength Index climbed from 46 to approximately 49, approaching its neutral midpoint of 50.
A sustained move above the 50 RSI level could signal improving momentum, though such a reading would not independently confirm a trend reversal. Holding $82,000 as support may provide an opportunity for buyers to challenge $84,000, while renewed selling pressure could leave Bitcoin vulnerable to another test of $80,000.
