Wallets tied to MARA Holdings sent 1,000 BTC — about $82.8 million — to Binance and Gate over five days, according to blockchain tracker Lookonchain. It's the second large MARA-linked movement the tracker has flagged this month, and it lands as Bitcoin claws back above $83,000 without recovering its October 1 level.
Blockchain records confirm the coins arriving at addresses associated with both exchanges. MARA hasn't said whether the deposit was a sale or a transfer for other purposes.
A pattern of moving coins to market
Lookonchain flagged an earlier transfer of 996 BTC, worth about $81.13 million, to a Galaxy Digital address on October 9. Taken together, the two moves show a steady pipeline of coins leaving MARA-linked wallets for trading desks and exchanges.
The company has been candid about selling. MARA sold 2,213 Bitcoin in the second quarter at an average price of $73,078. In March it moved 15,133 BTC to fund convertible-debt buybacks. And it has said it expects to keep selling Bitcoin opportunistically.
The latest 1,000 BTC is roughly 2.8% of the 35,577 BTC MARA reported holding at the end of June. That figure included 9,270 BTC that had been loaned out or pledged as collateral — a reminder that not all of MARA's reported stack is sitting idle in a cold wallet.
Why the timing matters
Bitcoin is up 1.5% over 24 hours but still down since the start of the month. Liquidity is thin, ETF demand has weakened, and geopolitical risk is hanging over the market. Depositing size onto exchanges into that backdrop isn't a neutral signal, even if MARA frames its sales as routine treasury management.
Broader markets offered a mixed picture. Brent crude fell more than 2.2% to $107.95 after touching $110, while Nasdaq 100 futures were up 1% and S&P 500 futures had gained 0.7%. Crypto hasn't caught the same bid.
The Galaxy Digital thread
The October 9 transfer to a Galaxy Digital address is worth watching on its own. Galaxy runs a large trading and asset-management operation, and coins sent there could be sold, held, or used in a structured product. MARA and Galaxy haven't disclosed the terms of that movement, and the on-chain record only shows the destination.
For now, the deposits to Binance and Gate are the clearest signal. Exchange inflows from a known corporate holder tend to precede selling, though they don't prove it.
The next checkpoint
MARA's third-quarter results are the next hard data point. The report should show how many of the deposited coins, if any, were actually sold, and whether the company's stated opportunistic-selling strategy is accelerating. Until then, the wallets are the only scoreboard — and they've been busy this month.
