Bitcoin
Bitcoin Miners Marathon and Riot Transfer 581 BTC Amid Price Pressure
Bitcoin held near $64,278 as miners Marathon Digital and Riot Platforms moved substantial holdings to execution wallets.
Bitcoin struggled to recover after facing rejection near $64,988, trading at $64,278 with price action remaining above its 9-day exponential moving average.
Blockchain tracker Lookonchain flagged transfers by Marathon Digital and Riot Platforms as potential miner selling activity. Marathon moved 200 BTC worth $12.86 million to NYDIG, while Riot sent 381 BTC valued at $24.51 million. The combined transfer totaled 581 BTC worth approximately $37.3 million. Arkham confirmed that Riot's transfer reached an NYDIG Execution Hot Wallet, though the destination does not independently confirm a completed sale.
Broader miner metrics offered a more mixed signal. CryptoQuant's Miner Netflow Total rose to 371 Bitcoin on August 7, up sharply from -83 BTC the previous day, suggesting tracked miners received more bitcoin than they sent. Miner Reserve climbed to 1.1928 million BTC after reaching a recent low, though it remained below late-July levels. The uptick suggested a pause in distribution rather than a confirmed accumulation trend.
Technical indicators showed buyers defending the immediate support level, with Bitcoin holding above its 9-day EMA near $64,062. However, the Relative Vigor Index remained below zero at -0.0016, though its signal line crossover suggested bearish momentum had eased without confirming a bullish reversal. A sustained hold above the 9-day EMA could bring $65,000 back into focus, while failure to defend it risked further pullback.
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