Bitmine purchased an additional 67,111 ETH (approximately $145 million) on Kraken, according to on-chain monitoring data, signaling continued institutional accumulation despite volatile market conditions.
Separately, a major whale withdrew 83,000 ETH (valued at $178 million) and 1.62 million LINK ($14.8 million) from Binance and Bybit, subsequently distributing the assets across 10 newly created wallets. The dispersal pattern suggests preparation for long-term holding or potential delegation across multiple positions.
The same whale's leveraged derivatives bets have deteriorated significantly. The trader opened a 40x short position on 1,000 BTC (approximately $70 million) and a 20x long on 202,155 barrels of Brent crude ($19.25 million), both now underwater. The combined position has swung from a previous gain of $25.16 million to a current loss of $33.39 million, representing a total drawdown of approximately $58.55 million.