Bitcoin miner MARA Holdings transferred another 1,000 BTC, worth about $81 million, to the custodian BitGo early on Wednesday, October 28 — its second such transfer in two days and its fourth large transfer of October, according to the on-chain tracker Lookonchain. The company sold 23,093 BTC in the first half of the year to cut debt, so traders watching BTC USD near $81,500 are treating every move as a possible sale.

Bitcoin mining company MARA Holdings ( @MARA ) transferred another 1,000 $BTC ($80.66M) to BitGo 9 hours ago. pic.twitter.com/vAd55oPNWx

— Lookonchain (@lookonchain) October 28, 2026

Source: Lookonchain on X

So far, the price has not flinched: BTC is up 2% in 24 hours. On-chain data, however, shows that the first of the two BitGo lots has already been split up and sent onward.

Two 1,000 BTC Lots — and One Has Already Moved

MARA sent two lots of exactly 1,000 BTC each, and one of them has already moved on. A check of both transactions on mempool.space shows:

• October 26, 18:16 UTC: 1,000 BTC left a MARA wallet (bc1qjp40…5355) for the BitGo address in block 973,265.
• October 28, 00:24 UTC: another 1,000 BTC left a second MARA wallet (bc1qly0q…fnvpt) for the same BitGo address in block 973,474.

Both lots had sat untouched since October 7 and 8, 2025, when Bitcoin traded above $121,000. At today's price, they are worth about a third less.

At 07:13 UTC on Wednesday, the BitGo address split the first lot into 16 pieces of between 21.5 and 108.5 BTC, each sent to a new address. That is a common pattern when coins are being delivered to several buyers, but none of the receiving addresses is labeled — and the blockchain alone does not prove a sale. Destination matters, too: BitGo is a custodian rather than an exchange, and coins it receives can be earmarked for cold storage, collateral, or lending arrangements before any trade ever takes place. The second lot remains at the BitGo address. MARA's filings state that it sells the bitcoin it mines on an ongoing basis and may sell more of its holdings from time to time.

How Much Bitcoin Has MARA Moved This Month?

About 3,996 BTC, worth roughly $326 million at today's price. Before the two BitGo lots, Lookonchain had flagged 996 BTC sent to Galaxy Digital on October 8 and 1,000 BTC sent to Binance and Gate between October 14 and 19.

That is about 11% of the 35,577 BTC MARA reported holding at the end of June, and roughly five times what the company mines in a month. MARA mined 2,422 BTC in the second quarter — about 807 per month — and sold 2,213. Moves like these draw scrutiny because miners are among the few large holders whose wallets can be followed block by block, which is how trackers such as Lookonchain can flag each transfer within hours.

A Balance Sheet That Is Shrinking

The bigger picture is a company steadily reducing its holdings. MARA's second-quarter 10-Q shows 35,577 BTC held on June 30, down from 53,822 BTC at the end of 2025, after the company sold about 23,093 BTC for $1.63 billion in the first half — mostly to buy back convertible notes, retiring the debt and, with it, the shares those notes could have become. Of what remained, 4,528 BTC was pledged as collateral and 4,742 BTC was lent out.

MARA is also buying a 505-megawatt gas plant in Ohio and weighing whether to shift up to 90% of its own mining capacity to AI computing.

The company has not yet announced a date for its third-quarter results. Last year it reported on November 4, and that letter is where any October sales would first appear — along with an updated holdings figure to set against the 35,577 BTC on the June 30 balance.

BTC USD: Testing the 4-Hour 200 EMA

BTC USD trades at $81,577 on Binance, above its 4-hour 50 EMA at $81,110 and just under the 4-hour 200 EMA at $81,705, after touching $81,823 earlier in the session. The 200 EMA is among the most widely watched short-term trend gauges, a level many traders read as the dividing line between intraday uptrend and downtrend.

• Resistance: $84,898, the October 21 high and the top of this month's last rally.
• Support: $79,221, the October 24 low, which held through three dips this week.

About $326 million in a month is a large amount for a single miner, but it is small next to the $23.9 billion that traded in the last 24 hours. The address to watch is BitGo's: if the second lot gets split up the same way, the pattern will be hard to read as anything but selling.

Originally reported by 99Bitcoins.