"Could a wave of selling be starting?"…Mining firm Marathon Digital transfers 1,318 bitcoins to external addresses

Uk Jin

Summary

It reported that as bitcoin weakness persists, market concerns about additional selling pressure are mounting.
It said Marathon Digital Holdings transferred 1,318 bitcoins over the past 10 hours to BitGo, Two Prime, and external addresses.
It noted that with bitcoin’s price falling below the average mining cost, the possibility is being raised that some mining companies could sell their holdings.

Forecast Trend Report by Period

As bitcoin (BTC) remains under pressure, market concerns about additional selling are growing. In particular, there is rising speculation that mining companies facing deteriorating profitability could bring their holdings to market.

On the 6th (Korea time), CryptoNews, citing data from Lookonchain, reported that mining firm Marathon Digital Holdings transferred a total of 1,318 bitcoins over the past 10 hours to BitGo, Two Prime, and external addresses.

As of 3:46 p.m. that day, bitcoin was trading around $65,000, down about 7% from the previous day.

Profitability across the mining industry is deteriorating rapidly. According to Bloomberg, hashprice—a gauge of miners’ profitability—recently fell to about 3 cents per terahash (TH).

According to CryptoQuant chief analyst Julio Moreno, as of that day the average cost to mine one bitcoin was $70,000–$80,000, above the current price of one bitcoin.

As a result, if bitcoin prices remain at current levels for an extended period, some mining companies may move to scale back output, halt equipment operations, or sell off their holdings, observers say.

BTC