MARA Transfers $132.8M in Bitcoin to Galaxy and Copper

Bitcoin miner MARA Holdings transferred 1,650 Bitcoin worth approximately $132.8 million to Galaxy Digital, Copper and other platforms over a 12-hour period, according to on-chain tracker Lookonchain. The firm described the activity as potentially linked to selling. The on-chain data confirms the transfers, but not that MARA sold the Bitcoin.

Bitcoin miner MARA Holdings (@MARA) appears to be dumping $BTC again.

Over the past 12 hours, #MARA transferred 1,650 $BTC ($132.8M) to Galaxy Digital, Copper, and other platforms.https://t.co/fTOd8FQMxR pic.twitter.com/KZZhxukt5u

— Lookonchain (@lookonchain) November 5, 2026

Large transfers to institutional service providers can precede sales, custody changes, collateral movements or other liquidity operations, so destination alone does not establish the final purpose of the coins. Lookonchain’s alert therefore points to possible distribution activity rather than a confirmed disposal. Sending Bitcoin to Galaxy Digital, Copper or similar platforms should not automatically be treated as evidence of market selling.

The next metric to watch is whether the transferred BTC moves onward to exchanges, counterparties or other addresses, or whether MARA later discloses a corresponding reduction in its treasury. Additional on-chain tracing could clarify the destination of the funds, but cannot necessarily identify the commercial purpose behind every transfer. Confirmation of an actual sale would require stronger evidence than the wallet movements currently available.

Source: Lookonchain.

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