Key Notes
- Marathon Digital moved 2,348 BTC ($236M) to exchanges.
- The firm reported record Q3 profits and plans AI-focused expansion.
- Arthur Hayes sees US liquidity improving soon, calling this a temporary pullback.
Marathon Digital (MARA) moved roughly 2,348 BTC
BTC
$101 913
24h volatility:
1.9%
Market cap:
$2.03 T
Vol. 24h:
$113.58 B
worth $236 million to exchanges including Coinbase Prime, Galaxy Digital, FalconX, and TwoPrime. The transfer raised alarms across crypto, resulting in fears of a miner-led selloff just a day after the company reported impressive Q3 2025 results.
Is #MARA, the #Bitcoin mining firm that had been consistently buying $BTC, now selling?
In the past 12 hours, #MARA transferred a total of 2,348 $BTC($236M) to #FalconX, #TwoPrime, #GalaxyDigital, and #CoinbasePrime.https://t.co/9DlN5ZPsBz pic.twitter.com/Sur1Swt1d8
— Lookonchain (@lookonchain) November 5, 2025
Meanwhile, Bitcoin briefly dipped below $100K in the past few hours, rebounding from a daily low of $98K to $101K at the time of writing. Ethereum
ETH
$3 306
24h volatility:
5.3%
Market cap:
$399.05 B
Vol. 24h:
$69.06 B
also dropped to $3K while altcoins turned red.
A Confusing Move from a Profitable Miner
Marathon Digital’s third-quarter report showed revenues of $252.4 million and a net income of $123.1 million, marking a 92% revenue increase compared to last year’s figures. The firm mined 2,144 BTC and purchased an additional 2,257 BTC, bringing its total holdings to 52,850 BTC as of Sept. 30.
Given these bullish fundamentals, the timing of the large BTC transfer has puzzled investors. While such transfers often precede liquidation, crypto enthusiasts suggest Marathon could be restructuring its treasury or setting up for over-the-counter deals.
Hayes: Liquidity Crunch Nearing Its End
BitMEX co-founder Arthur Hayes believes the Bitcoin correction may be nearing its end. Referring to USD liquidity conditions, Hayes noted that both Bitcoin and USD liquidity have declined since July, correlating closely in direction and magnitude.
He shared a chart that shows Bitcoin down roughly 5% while liquidity fell about 8% over the same period. Hayes argues that the ongoing drain in dollar liquidity stems from the US Treasury’s effort to rebuild its cash balance following the debt ceiling deal.
$BTC (yellow) -5%, $ liq (white) -8% since US debt ceiling raised in July. TGA build up sucked $ out of the system. When US gov shutdown ends, TGA will fall +ve for $ liq, and $BTC will rise … and $ZEC will go up MOAR! pic.twitter.com/A9tflGuBHH
— Arthur Hayes (@CryptoHayes) November 5, 2025
He predicts that when the US government shutdown ends, the Treasury General Account (TGA) will begin to draw down, re-injecting liquidity into markets. This, as per Hayes, could trigger a rebound in Bitcoin and other risk assets.
Beyond this short-term view, Hayes predicted a “hidden quantitative easing” cycle. He claims the Fed’s Standing Repo Facility (SRF) will act as a stealth liquidity channel, expanding the dollar base and indirectly supporting BTC because historically, BTC rallies when the Fed’s balance sheet expands.
Market Analysis: BoP Indicator and Miner Behavior
According to CryptoQuant, Bitcoin reserves on Binance have risen from 540,000 BTC in July to 569,000 BTC. This coincides with price weakness, indicating that some traders are taking profits.
Bitcoin exchange netflow (total) | Source: CryptoQuant
However, the Balance of Power (BoP) indicator shows growing accumulation during recent dips, with stronger buying pressure forming near the $100,000 mark, potentially making BTC the best crypto to buy if prices fall further.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
