Bitmain Likely Bought $1.24B in ETH — Large-Scale Accumulation Signals Bullish Demand
I observed that over the past eight days an address acquired 293,186 ETH (about $1.24 billion) via institutional trading venues such as FalconX, Galaxy Digital and BitGo, and Arkham Data—cited by AmberCN—suggests this buyer is likely Bitmain. This accumulation across reputable custody and OTC rails indicates substantial institutional-sized demand for Ethereum.
I also noted Bitmain announced an additional purchase of 317,000 ETH last week, bringing its reported holdings to roughly 1.15 million ETH. Taken together, these on-chain and reported purchases highlight meaningful whale accumulation and reinforce bullish narratives for Ethereum (ETH) among large miners and institutional players.
AI Analysis
AI Recommendation
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.