TL;DR
- Three new wallets acquired over $231 million in Ethereum from the BitGo exchange.
- On-chain data suggests the purchases follow a pattern similar to that of BitMine Technologies.
- This accumulation is occurring as the price of Ethereum falls below $4,000.
According to on-chain data, Tom Lee (“The Fear Hunter”) could be buying Ethereum. This would be happening amid a widespread correction in the cryptocurrency market.
The activity of large wallets, or “whales,” has once again captured the attention of analysts. Recent data from the on-chain intelligence firm Arkham Intelligence has revealed that three new wallet addresses have acquired a combined total of $231 million in Ethereum (ETH), taking advantage of the recent price drop. This massive accumulation of Ethereum by whales comes at a time when the digital asset’s price has fallen below the psychological level of $4,000.
According to the report, the three wallets, identified as “0xcd44F,” “0xa168,” and “0xF626,” purchased 19,177 ETH, 19,678 ETH, and 19,233 ETH, respectively, all sourced from the cryptocurrency exchange BitGo.
Arkham suggests that these transactions could be linked to BitMine Immersion Technologies, the digital asset treasury company chaired by the well-known analyst Tom Lee. The suspicion is based on a recurring purchasing pattern: the firm has previously used new wallets to accumulate ETH during the week before announcing its total purchases on Tuesdays.
A Sign of Institutional Confidence Despite Volatility
The alleged purchase by BitMine is a strong signal of institutional confidence in Ethereum, despite the recent volatility that has affected the market.
This strategy of “buying the dip” not only reinforces confidence among long-term Ethereum holders but also indicates that major players are still betting on a recovery and bullish development. By lowering its average entry price, BitMine optimizes its position while pursuing its ambitious goal of accumulating at least 5% of Ethereum’s total supply.
Currently, BitMine is the largest Ethereum treasury company and the second-largest digital asset holder overall, surpassed only by MicroStrategy’s Bitcoin strategy.
The persistent accumulation of Ethereum by whales like BitMine in times of uncertainty could be interpreted as a solid foundation for the future of the ecosystem, demonstrating that strategic investors view corrections as opportunities rather than a reason to panic.
