- Ethereum Regains 18,271 Amid New BitMine Buy
- Bitmine remains strong on Ethereum
Ethereum treasury-focused Bitmine, known for its aggressive Ethereum accumulation, has added another 18,271 ETH to its holdings as of November 10.
On-chain tracking platform Whale Insider has revealed a massive purchase of 18,271 ETH worth approximately $64.59 million from BitMine as the broad crypto market turns positive and prices of major cryptocurrencies including Ethereum note massive increases.
Ethereum Regains 18,271 Amid New BitMine Buy
The data further shows that the transfer involved moving funds from the leading cryptocurrency exchange, Kraken, to a familiar crypto wallet that has been repeatedly associated with BitMine Immersion’s recent ETH purchases.
The Ethereum buying activity, which occurred in two separate transactions, has caught the attention of market participants as it came as Ethereum is experiencing a significant rise in its trading price.
Amid the broad cryptocurrency market rally, Ethereum rebounded above $3,600 around the time BitMine made its large ETH purchase, signaling renewed strength after recent market turbulence.
Apart from BitMineLarge and repeated corporate buying has been detected within the Ethereum ecosystem as Ethereum resumes its bullish trajectory, seeing massive daily increases.
Bitmine remains strong on Ethereum
While BitMine remains the world’s largest ETH treasury, it appears the public company won’t be slowing down its Ethereum accumulation strategy anytime soon. Previous reports show that BitMine has relentlessly acquired Ethereum even during the recently concluded severe market correction.
Over the past week, BitMine President Tom Lee saw the recent drop in Ethereum price as an opportunity to accumulate the asset at discounted prices, as he had urged the crypto community to continue purchasing the asset rather than taking precautions amid growing doubts.
The market rally has seen Ethereum record an impressive 42.64% increase in its trading volume over the past day, taking its price to $3,542 at the time of writing.
While Ethereum had seen its price nearly miss the $3,000 mark during its latest correction in recent days, its sudden resurgence has seen it regain $3,600, recording an intraday high of $3,656 as of November 10.