Institutional investors continue to view Ethereum as a long-term asset, even as the broader crypto market experiences declines. Data from Lookonchain shows that major wallets linked to BitMine have withdrawn large amounts of ETH from centralized exchanges, signaling renewed accumulation.
The blockchain analytics platform reported that two addresses possibly linked to BitMine recently received a total of 33,323 ETH, worth about $126.4 million, from FalconX and Kraken.
The withdrawals hint at a move by BitMine to strengthen its position during the market dip. One of the wallets, identified as “0x8DF4,” withdrew 24,409 ETH from Kraken, while another, “0xedf1,” acquired 8,914 ETH through FalconX. Moreover, these transactions reveal that BitMine continues to buy ETH despite the recent downturn, taking advantage of discounted prices to expand its holdings.
OTC Activity Highlights Continued Institutional Demand
Notably, the buying pressure was not limited to BitMine alone. Lookonchain also reported that another over-the-counter whale purchased 14,165 ETH, valued at $55.5 million, through FalconX, Coinbase, and Wintermute. This similar activity across major institutional platforms strengthens the broader sentiment that large investors are positioning for a potential market recovery.
In addition, these transactions add to a growing pattern of accumulation by BitMine and other entities. Just a week earlier, BitMine received 20,020 ETH, valued at about $89.7 million, via FalconX. Taken together, the company’s total Ethereum purchases over the past seven days now exceed $193 million.
BitMine Expands Treasury Amid Market Decline
BitMine’s expanding portfolio places it among the largest Ethereum holders globally. As of October 5, the company disclosed that it holds approximately 2.83 million ETH, currently valued at $10.8 billion, based on the current Ethereum price of $3,835.50. Ethereum experienced an 11% decline over the last 24 hours, dropping from around $4,300 to a low of $3,380 before rebounding to roughly $3,850.
The decline came following U.S. President Donald Trump’s announcement of new 100% tariffs and export controls on China, sparking one of the year’s largest market-wide sell-offs..
Nonetheless, despite the market downturn, BitMine remains the largest public Ethereum holder and ranks second overall among corporate crypto treasuries, behind MicroStrategy. The company recently announced that its Ethereum holdings have surpassed 2.83 million tokens, with total crypto and cash reserves valued at approximately $13.4 billion.
Founded by Fundstrat co-founder Tom Lee, BitMine has stated that it intends to accumulate up to 5% of Ethereum’s total supply. Moreover, its latest withdrawals and ongoing acquisitions show a consistent strategy, buying the dip while reinforcing its position in the Ethereum ecosystem.
The CoinRemark Team
Brenda Kanana
