Marathon Digital transferred approximately $20.57 million worth of 298 Bitcoins to Cumberland, introducing new miner-related supply. Nevertheless, strong spot trading demand continues to absorb this supply, with the 90-day spot trader CVD indicator showing that buyers are in control. On-chain metrics also support this trend, with the NVT ratio decreasing by 33.8% indicating increased trading activity, while the inventory flow ratio soaring nearly 100% reinforces Bitcoin's scarcity. However, the funding rate plummeted by 294.54% to -0.0007, indicating that short positions in the derivatives market are increasing, suggesting traders expect market volatility in the short term.