MARA Dumps Bitcoin, Hayes Says Pullback About to End

Company Overview - Marathon Digital transferred approximately 2,348 BTC valued at $236 million to various exchanges, raising concerns of a potential miner-led selloff shortly after reporting strong Q3 2025 results [1][2] - The company reported revenues of $252.4 million and a net income of $123.1 million, reflecting a 92% increase in revenue year-over-year [2] Market Reaction - Following the transfer, Bitcoin briefly fell below $100K, hitting a low of $98K before rebounding to $101K, while Ethereum dropped to $3K and altcoins experienced declines [1] - The timing of the BTC transfer has confused investors, as such actions typically precede liquidation; however, some speculate that Marathon may be restructuring its treasury or preparing for over-the-counter deals [3] Industry Insights - Arthur Hayes, co-founder of BitMEX, suggests that the Bitcoin correction may be nearing its end, noting a decline in both Bitcoin and USD liquidity since July [4] - Hayes indicates that the US Treasury's efforts to rebuild its cash balance post-debt ceiling deal have contributed to the liquidity drain, predicting a rebound in Bitcoin and other risk assets once the government shutdown concludes [5] - The Balance of Power (BoP) indicator shows increasing accumulation during recent price dips, suggesting stronger buying pressure near the $100,000 mark, which may position Bitcoin as a favorable investment if prices decline further [7]