Bitcoin’s Struggles: A Tale of Marathon’s Bold Moves & Market Meltdown

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Marathon Digital Holdings, that mighty titan of Bitcoin mining, has once again sent a hefty sum of 644 BTC to major exchanges, continuing its series of transfers this fine November.

The timing could not be more impeccable-what with Bitcoin mining facing mounting pressure and the hashprice index plummeting to a new record low. Ah, the joys of the crypto world, where nothing ever stays predictable for long!

Marathon Digital’s Bitcoin Transfer Frenzy: The Saga Continues

According to Lookonchain, the company transferred 644 BTC, worth about $58.7 million (yes, million) in several transactions to FalconX and Coinbase Prime. As you might have guessed, this is just another chapter in Marathon’s ongoing game of “Let’s Keep Moving Bitcoin Around” for reasons unknown (but surely strategic).

Just three days ago, our fearless miners sent over 150 BTC to Coinbase Prime. Earlier in the month, a grand total of 2,348 BTC-worth a staggering $215 million-was dispatched to FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime. Marathon certainly knows how to keep things interesting, doesn’t it?

These transfers do leave one to wonder though: Is Marathon gearing up to sell, or are they simply adjusting their treasure chest, or perhaps pursuing some other mysterious strategic goal? The possibilities are endless, and yet, we shall never know. (Until, of course, the quarterly report arrives.)

What is not so mysterious, however, is the state of mining economics. The Hasrate Index, in all its glory, has been steadily dropping since July. Latest figures show it has plummeted to a truly pitiful low of $38. This, my dear reader, reflects the expected daily earnings per unit of mining power, and it’s about as cheery as a rainy day at the market.

The block reward is now a meager 3.15 BTC. How very… anticlimactic.

In its Q3 financial report, the company revealed that revenue has surged to $252 million, a 92% year-over-year increase. Quite the achievement, indeed. But hold your applause, for the source of this growth is rather eyebrow-raising.

“This growth is primarily attributed to the change in the fair value of digital assets, particularly Bitcoin, which accounts for $113 million. They are now mining less Bitcoin than a year ago, down to 22.5 BTC/day from 23.3 BTC/day in Q3 2024. To make up for this, they seem to have embraced the Saylor playbook. 33% of Mara’s Bitcoin treasury, or 17,357 BTC out of 52,850, is now loaned, actively managed, or pledged as collateral to earn a yield,” quipped analyst Bart Mol.

The CEO Weighs In: Bitcoin’s Unfortunate Plunge Below $90,000

Meanwhile, Marathon’s ever-dependent relationship with Bitcoin continues to expose it to the whims of the market. The cryptocurrency has been descending, in a most dramatic fashion, since October, even dipping below $90,000 just this week. How the mighty have fallen!

As of now, it’s barely hanging on at $91,697, showing modest daily gains of 0.36194%. Don’t spend it all in one place!

Fred Thiel, CEO of Marathon, shared his thoughts on Bitcoin’s plunge below $90,000, calling it a “perfect storm” of macro pressures and good old-fashioned investor profit-taking. He places the blame squarely on the Federal Reserve’s hawkish shift, which led expectations for a December rate cut to tumble from 97% to a more modest 44%. Who could have seen that coming?

Thiel also pointed out that a US government shutdown, which has added to the uncertainty, has created something of a “data vacuum” for markets. That’s right, folks, everything is so uncertain right now, it’s like navigating a foggy day with no GPS.

“We’re also seeing classic four-year cycle behavior. As we approached what many expected to be the October 2025 cycle peak, long-term holders and institutions started fleeing the scene. Spot Bitcoin ETFs saw $866 million in outflows on November 13th, and long-term holders have distributed over 815,000 BTC in the past month-an exit strategy that could rival the greatest heists in history,” Thiel shared.

He called it “textbook profit-taking,” which is just fancy talk for “the rich getting richer, and the market getting skinnier.” Bitcoin, it seems, is now a high-beta asset, tightly tethered to the performance of tech stocks. With those falling 9% this month (who could have predicted that? 😒), Bitcoin is hardly immune from the fallout.

“When you combine the endless selling pressure, thinner market depth, and the broader pivot toward safer investments like equities and gold, the drop below $90,000 was practically destined to happen,” Thiel concluded. Just another day in the life of a digital asset.

In summary, with markets now bracing for interest rates to remain stubbornly high, digital assets like Bitcoin are feeling the squeeze more acutely than ever. Perhaps it’s time to start investing in something a little less volatile… like a good ol’ fashioned jar of jam.

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2025-11-20 14:22