BitMine Leads Institutional ETH Accumulation Amid Market Dip
When most traders were selling amid the recent market correction, BitMine took the opposite approach. This latest buy followed data from blockchain analytics platform Lookonchain.
The platform revealed that wallets linked to
BitMine received over 104,00 ETH, worth about $471 million, from FalconX and BitGo in the past week. This suggests a coordinated buying strategy involving BitMine and major over-the-counter desks that are accumulating during price dips.BitMine is not the only institution taking this stance. Analysts from WhaleMap and Arkham reported that other large investors have also been buying Ethereum since early October. More than 400,000 ETH has flowed from exchanges into cold wallets during this period. This indicates that these investors are preparing for long-term holding rather than short-term speculation.
Institutional Confidence in Ethereum Grows
Exchange reserves have now dropped to their lowest levels in three years, reflecting strong accumulation among institutional investors. Recent on-chain data shows that corporate treasuries and Ethereum exchange-traded funds (ETFs) now hold over 12.8 million ETH.
This makes up more than 10% of the total Ethereum supply, showing how much institutions are involved in the network. Tom Lee, known for his positive view on Ethereum, recently repeated his prediction that the coin could reach between $12,000 and $15,000 by year-end.
He believes this growth will come from Ethereum’s growing role in tokenization, decentralized finance (DeFi), and AI-powered infrastructure. Former BitMEX CEO Arthur Hayes also shares this view, predicting that Ethereum could hit $10,000 before the end of the year.
Hayes expects that easing macroeconomic conditions and a recovery in decentralized finance activity will drive this growth.
BitMine’s Strategic Buy Reinforces Confidence as Ethereum Rebounds
BitMine’s timing drew attention across the crypto industry. The company made its large purchase shortly after a steep correction that wiped out more than $19 billion in leveraged positions.
During this time, Ethereum briefly fell below $3,800 before bouncing back above $4,100. BitMine’s buying helped boost confidence in the market and showed growing interest from big investors.
Beyond trading, Ethereum continues to show its strength as the foundation of digital finance. In the third quarter, stablecoin transactions on Ethereum topped $5 trillion, setting a new record and proving its growing role in global digital payments and financial services.
The post BitMine Boosts Ethereum Holdings with $281M Purchase appeared first on BitcoinLinux.com.
Go to Source
Author: coinmaker