MARA Dumps 996 BTC Into Galaxy Digital Right as $1B Worth of Longs Get Rekt 💀

Bitcoin miner MARA Holdings transferred 996 BTC, valued at approximately $81.13 million, to Galaxy Digital on October 9, according to blockchain tracker Lookonchain. Arkham Intelligence data shows wallets linked to MARA still hold 7,913.44 BTC worth more than $652 million following the move. The transfer mirrors a prior MARA disposition in August, when the miner moved more than 993 BTC to Galaxy Digital.

The sale landed during a brutal stretch for crypto derivatives, with CoinGlass reporting over $1 billion in total liquidations across 24 hours. More than 181,000 traders were wiped out, and the largest single liquidation came on Hyperliquid, where an ETH order valued at $19.98 million was forced closed. Long positions accounted for the bulk of the damage at roughly $935 million.

Bitcoin price dipped below $80,500 during the cascade before rebounding above $82,500. The selloff coincided with multi-decade highs in 10-year US Treasury yields and continued outflows from spot Bitcoin ETFs.

Market participants cited the macro backdrop and persistent ETF withdrawals as the proximate triggers for the flush, though MARA's transfer added to the visible supply hitting desks at Galaxy Digital. The miner's continued BTC movements in recent months underscore how public miners remain active liquidity providers even as retail leverage unwinds across venues.