Bitmine purchased 20,500 ETH worth $35.92 million, while a tracked whale acquired an additional 9,882 ETH valued at $17.27 million, signaling continued institutional and whale accumulation in the Ethereum market.
The whale's activity intensified over a 10-day period, during which it withdrew 34,577 ETH ($57.53 million) and 250 WBTC ($15.66 million) from Binance, indicating a deliberate move to self-custody. The combined value of these transactions exceeded $73 million, reflecting significant conviction in holding both assets off-exchange.
The pattern of large holders moving tokens to cold wallets typically suggests confidence in medium to long-term price appreciation. Bitmine's continued accumulation at current price levels underscores institutional appetite for Ethereum despite broader market volatility. These withdrawals from major exchanges reduce selling pressure and concentrate tokens in wallets less likely to dump supply during downturns.