According to blockchain analytics firm Lookonchain, three wallets linked to BitMine received large transfers of Ether from major exchanges Kraken and BitGo. The company has yet to officially confirm the purchases, but the pattern closely matches BitMine’s previous acquisition activity.
“Despite the market correction, we believe Ethereum remains structurally strong,” an analyst familiar with the matter said, noting that BitMine has now amassed roughly 3 million ETH, equivalent to 2.5% of the total circulating supply.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.
This latest purchase follows BitMine’s earlier buy earlier in the week, when the firm announced the accumulation of 202,037 ETH during a brief market rout. Chairman Tom Lee stated that the company was “taking advantage of the temporary price dislocation” and remains confident that ETH could still reach $10,000 by year-end.
Blockchain intelligence platform Arkham corroborated the findings, noting that three new whale wallets, each holding around $75 million in ETH, showed activity consistent with BitMine’s historical transactions.
Analysts Remain Optimistic
Market experts continue to see parallels between Ethereum’s current price cycle and Bitcoin’s 2020–2021 rally.
“Ethereum is mirroring Bitcoin’s previous breakout,” said market analyst Rekt Fencer. “If history repeats, ETH could test $15,000 within this cycle.”
Another analyst, , pointed out that Ether’s technical setup is “nearly identical” to Bitcoin’s 2024 pattern, suggesting a potential recovery range by year’s end.
BitMine’s aggressive accumulation during a market downturn reinforces a growing belief among institutions that Ethereum remains a long-term value asset, despite short-term volatility. With ETH trading around $4,000 at press time, the company has now achieved half of its treasury target in just a few months—signaling confidence that the next bull leg may be forming beneath the surface.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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