MARA Holdings Dumps 996 BTC During $1 Billion in Crypto Market Liquidations
Highlights
- Bitcoin miner MARA Holdings sold 996 BTC worth $81.13 million to Galaxy Digital.
- The transfer coincided with over $1 billion in crypto market liquidations.
- Bitcoin price bounced above $82,500 after the latest massive selloffs.
Bitcoin miner MARA Holdings sold 996 BTC during the crypto market’s latest massive liquidation event. The sale comes as Bitcoin price fell below $80,500 amid decades-high 10-year US Treasury yields and outflows from spot Bitcoin ETFs.
MARA Holdings Moves BTC amid Broader Crypto Liquidations
On October 9, Lookonchain reported that a wallet linked to MARA Holdings moved 996 BTC to Galaxy Digital. The potential sale was worth almost $81.13 million.
Arkham Intelligence data showed the Bitcoin miner wallets still hold 7,913.44 BTC worth more than $652 million. MARA Holdings continued to move massive BTC in the last few months. Notably, it even moved more than 993 BTC to Galaxy Digital in August.
The latest transfer coincided with over $1 billion in crypto market liquidations in 24 hours, according to CoinGlass data. More than 181K traders were liquidated, with the largest single liquidation order on Hyperliquid, when someone sold ETH valued at $19.98 million.
The crypto market saw almost $935 million in total long liquidations, with MARA Holdings dumping BTC holdings. Bitcoin recorded nearly $220 million in long liquidations in the last 24 hours. Ethereum (ETH) led with more than $280 million in long liquidations.
Bitcoin dropped amid a mix of headwinds, including elevated oil prices amid renewed US-Iran war tensions, the 10-year US Treasury yield hitting a 24-year high, and profit booking amid outflows from spot Bitcoin ETFs.
After Trump ruled out strikes against Iran before midterm elections, Bitcoin price rebounded above $82,600 as oil prices dropped. Meanwhile, 10-year Treasury yields fell sharply to 5.24% from 5.35% and the US dollar index (DXY) also slipped towards 102.
Bitcoin bounced exactly off the 50-day moving average (DMA). As long as price continues to hold above this trend line, the broader structure remains consistent with a bull-market transition. Analysts predict a move toward $83K and $87K next, following the latest leverage flush.
Derivatives markets showed buying in the last few hours, as per CoinGlass data. The Bitcoin futures open interest climbed nearly 0.35% in the past 4 hours, with buying noted on CME, Binance, and other crypto exchanges.
To track similar whale transfers and evaluate on-chain metrics independently, investors can utilize the best crypto research tools currently available in the market.
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