Marathon Digital Holdings ( #MARA ) made a major move over the past few weeks, selling 15,133 BTC (~$1.1B) between March 4 and March 25 at an average price of around $72,689, which looks more like strategic distribution than panic selling.

Even after offloading that much, they still hold a massive 53,822 $BTC (~$3.74B), keeping their position as the second-largest publicly traded Bitcoin holder right behind Strategy. This kind of behavior is typical for large miners -- scaling out to manage costs and risk while maintaining a strong long-term position rather than exiting the market entirely.