- Marathon Digital transfers 370 Bitcoins to Galaxy Digital, worth around $24.83 million.
- Galaxy Digital deposits 370 BTC into Binance after receiving them from Marathon.
- Marathon Digital retains 12,837 BTC in reserves, valued at approximately $862 million.
Marathon Digital, a major Bitcoin mining company in North America, may have used Galaxy Digital to sell 370 Bitcoins. This transaction, worth approximately $24.83 million, came to light following a series of transfers on the blockchain. On-chain data, monitored by @ai_9684xtpa, revealed the significant movement of funds between the two companies.
A few hours ago, Marathon Digital sent 370 Bitcoins to Galaxy Digital. Four hours after the initial transfer, Galaxy Digital moved the same 370 Bitcoins into Binance. This data suggests Galaxy Digital may be managing the sale of these coins for Marathon.
This transfer is the latest in a series of activities by Marathon Digital. On-chain data indicates the company still holds a significant portion of Bitcoins, currently 12,837 BTCs with an estimated market value of $862 million.
Read also: Marathon Digital Buys $249M Worth of Bitcoin
Galaxy Digital, a well-known player in the cryptocurrency industry, seems to be acting on behalf of Marathon in this transaction. The fact that the company deposited the transferred Bitcoins into Binance could indicate plans to sell the assets on the exchange.
Marathon Digital Holdings is one of the key players in the North American Bitcoin mining market, and its actions carry weight within the market. The sale of 370 Bitcoins suggests Marathon may be seeking to liquidate assets or rebalance its portfolio.
This development raises questions about the relationship between Marathon Digital and Galaxy Digital. Both companies are influential in the cryptocurrency space, with Galaxy Digital often acting as a bridge for transactions involving major players. The funds sent to Binance could soon be liquidated, which could affect the broader market.
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