MARA Holdings moved another 1,000 BTC, worth about $81 million, to custodian BitGo early on Wednesday, October 28, according to on-chain tracker Lookonchain. It was the second such transfer in two days. The first 1,000 BTC lot left a MARA wallet on October 26 and was later split into 16 pieces ranging from 21.5 BTC to 108.5 BTC, a pattern often associated with delivery to multiple buyers, though none of the receiving addresses were labeled.
The two BitGo transfers are part of roughly 3,996 BTC, or about $326 million, moved by MARA in October. Earlier in the month, 996 BTC went to Galaxy Digital and 1,000 BTC was sent to Binance and Gate. That amount represents about 11% of the 35,577 BTC MARA reported holding at the end of June. MARA's second-quarter filing showed its bitcoin stash declined from 53,822 BTC at the end of 2025 after the company sold 23,093 BTC for $1.63 billion in the first half, mostly to buy back convertible notes. MARA also has 4,528 BTC pledged as collateral and 4,742 BTC lent out.
Bitcoin was trading near $81,577 on Binance, up about 2% over 24 hours, holding above the four-hour 50 EMA around $81,110 and just below the four-hour 200 EMA near $81,705. Analysts cited key resistance at $84,898 and support at $79,221, with a daily close below support potentially opening the way toward the daily 200-day EMA around $76,443. Doctor Profit has suggested Bitcoin could be forming a local bottom near $80,000 with a possible recovery toward $94,000, while Ali Martinez warned that failure to reclaim $82,000 could lead to a drop of up to 10%.
The $326 million in October transfers is large for a single miner, but remains small compared with the roughly $23.9 billion traded in Bitcoin over 24 hours. On-chain data alone does not prove that MARA sold, but traders are watching whether the second BitGo lot is split up in the same way, which would strengthen the case that selling pressure is hitting the market.
