Key facts
- MARA Holdings sold 996 BTC to Galaxy Digital, valued at approximately $81.13 million.
- The sale occurred during a crypto market liquidation event exceeding $1 billion in 24 hours.
- MARA Holdings' remaining Bitcoin holdings were approximately 7,913.44 BTC, worth over $652 million.
- Bitcoin's price dropped below $80,500 due to factors including high 10-year US Treasury yields and spot Bitcoin ETF outflows.
- Over 181,000 traders were liquidated across the crypto market.
- Bitcoin futures open interest increased by nearly 0.35% in the four hours preceding the report.
Bitcoin miner MARA Holdings sold 996 BTC, valued at approximately $81.13 million, to Galaxy Digital on October 9. This transaction occurred amidst a significant crypto market downturn, with over $1 billion in liquidations recorded in the preceding 24 hours, affecting more than 181,000 traders.
Bitcoin's price fell below $80,500, influenced by a confluence of factors including decades-high 10-year US Treasury yields, outflows from spot Bitcoin ETFs, and broader geopolitical tensions impacting oil prices. Ethereum also saw substantial liquidations, exceeding $280 million.
Following a period of market pressure, Bitcoin experienced a rebound above $82,600 as oil prices eased and Treasury yields decreased to 5.24% from 5.35%. Analysts suggest that the recent flush of leverage could support a continued bull-market transition, with predictions of moves towards $83,000 and $87,000.
Derivatives markets indicated renewed buying interest, with Bitcoin futures open interest showing a nearly 0.35% increase on major exchanges like CME and Binance in the four hours leading up to the report.