Bitmine has acquired 60,000 ETH valued at approximately $125.9 million, according to on-chain data tracked by LookOnChain. The ethereum accumulation signals continued institutional confidence in the second-largest cryptocurrency despite recent market volatility.
In parallel whale activity, Arthur Hayes, founder of derivatives exchange BitMEX, deposited 115,453 HYPE tokens worth $6.33 million to Bybit, suggesting potential preparation for a liquidation or rebalancing of his crypto holdings. The move follows typical patterns of large holders moving assets to centralized exchanges ahead of significant transactions.
A separate whale transaction saw another major holder sell 20,000 ETH for $41.18 million at a price of $2,059 per token, indicating mixed sentiment among institutional participants. The combination of large accumulation alongside selective selling reflects ongoing market repositioning among sophisticated traders.