BitMine picked up another 7,500 ETH, spending roughly $14.6 million to swell its Ethereum stash. This move was tracked through Onchain Lens data showing the coins shifting from BitGo to a new wallet tied to BitMine. The company, led by Tom Lee, now controls over 4.8% of Ethereum’s total supply, making it one of the largest corporate holders.
Despite Ethereum’s price dropping nearly 4%, BitMine’s fresh purchase signals confidence in the asset's longer-term prospects. The firm has earned a reputation as the “Michael Saylor of Ethereum” for its pattern of significant acquisitions, often buying the dip rather than waiting on the sidelines.
ETF Inflows Keep ETH Market Under Watch
On the same day, spot Ethereum ETFs attracted $9.31 million in net inflows, driven primarily by BlackRock’s ETHA fund, which saw an $11.75 million boost. This steady institutional demand contrasts with ETH’s price movement, showing that investors continue to back Ethereum even when the market retreats.
Purchases like BitMine’s don’t always spark immediate price surges but serve as strong signals of what major holders anticipate. With continuous ETF inflows and large-scale acquisitions underway, Ethereum remains under the microscope for potential rebounds ahead.
This content is for informational purposes and does not constitute financial advice.
