MARA 抛售，比特币回调结束？解读加密货币市场的最新动向

比特币回调结束了吗？我们深入研究 MARA 最近的 BTC 转移、市场分析以及 Arthur Hayes 关于潜在流动性注入的见解。

What's up, crypto fam? Things have been wild, especially with all the buzz around MARA dumping some serious Bitcoin and the overall market pullback. Let's break down what's happening.

加密家族，怎么了？事情一直很疯狂，尤其是围绕 MARA 抛售一些严重的比特币和整体市场回调的所有传言。让我们来分析一下发生了什么。

MARA's Big Bitcoin Move: What's the Deal?

MARA 的比特币大动作：这是怎么回事？

So, Marathon Digital (MARA) moved a hefty 2,348 BTC, worth around $236 million, to exchanges like Coinbase Prime, Galaxy Digital, FalconX, and TwoPrime. This raised eyebrows, especially since it came right after their killer Q3 2025 report, where they showed a 92% revenue increase. Were they selling off?

因此，Marathon Digital (MARA) 将价值约 2.36 亿美元的大量 2,348 BTC 转移到了 Coinbase Prime、Galaxy Digital、FalconX 和 TwoPrime 等交易所。这引起了人们的关注，尤其是在他们发布了杀手级的 2025 年第三季度报告之后，他们的收入增长了 92%。他们卖掉了吗？

The move is confusing, right? MARA has been a consistent BTC buyer. Their Q3 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. While some feared a miner-led selloff, speculation suggests they might be restructuring their treasury or gearing up for some over-the-counter (OTC) action. Who knows?

这个举动很令人困惑，对吧？ MARA 一直是比特币的坚定买家。他们的第三季度报告显示，收入为 2.524 亿美元，净利润为 1.231 亿美元，与去年的数据相比，收入增长了 92%。该公司开采了 2,144 比特币，并额外购买了 2,257 比特币，截至 9 月 30 日，其总持有量达到 52,850 比特币。虽然一些人担心矿工主导的抛售，但猜测表明他们可能正在重组其财务或准备采取一些场外交易 (OTC) 行动。谁知道？

Bitcoin's Dip and Potential Rebound

比特币的下跌和潜在反弹

Meanwhile, Bitcoin took a little tumble, dipping below $100K but bouncing back to around $101K. Ethereum and altcoins also felt the heat. But is this the end of the pullback?

与此同时，比特币小幅下跌，跌破 10 万美元，但反弹至 10.1 万美元左右。以太坊和山寨币也感受到了热度。但这是回调的结束吗？

Arthur Hayes Weighs In: Liquidity to the Rescue?

亚瑟·海斯 (Arthur Hayes) 发表评论：流动性可以拯救？

BitMEX co-founder Arthur Hayes thinks the Bitcoin correction might be wrapping up. He points to declining USD liquidity, correlating with Bitcoin's dip. Hayes believes the US Treasury's move to rebuild its cash balance after the debt ceiling deal is the culprit.

BitMEX 联合创始人 Arthur Hayes 认为比特币调整可能即将结束。他指出，美元流动性下降与比特币下跌相关。海耶斯认为，美国财政部在债务上限协议后重建现金余额的举措是罪魁祸首。

Hayes predicts that when the US government shutdown ends, the Treasury General Account (TGA) will draw down, injecting liquidity back into the markets. This could trigger a Bitcoin rebound. Plus, he's hinting at a

海耶斯预测，当美国政府关门结束时，财政部普通账户（TGA）将减少，为市场注入流动性。这可能会引发比特币反弹。另外，他还暗示