Ethereum Buying Frenzy by Bitmine This Month - Detailing the Quantity Acquired
Bitmine's Massive Ethereum Acquisition: A Signal of Confidence in Crypto Market
In a significant development, Bitmine Immersion Technology Inc., a leading treasury company, has amassed over 2.1 million Ethereum (ETH) as of recent reports. This impressive accumulation, worth approximately $1.3 billion, took place over a 14-day period in September 2021.
The institution's aggressive ETH buying spree began in the first fortnight of September, with the acquisition of 74,300 ETH followed by another 202,500 ETH. The majority of these purchases occurred on September 7 and 14, according to reports by the expert crypto analyst, Crypto Patel.
This surge in whale balances suggests a strong belief in Ethereum's prospects, reinforcing Bitmine's leading role in ETH treasury strategy. The recent spike in whale balances is not isolated, as big money players on Ethereum are stacking more than ever before.
Interestingly, Ethereum whales holding between 10,000 ETH and 100,000 ETH have reached a new all-time high. A significant portion of the Ethereum supply is controlled by these whale wallets, indicating increasing accumulation.
Whale confidence at this scale typically precedes large market moves. This trend, combined with strong on-chain support, is forming as large investors double down on Ethereum.
As Binance Ethereum reserves shrink due to persistent whale outflows, the price of Ethereum is currently above $4,600, reflecting the market's positive sentiment towards the cryptocurrency.
Crypto Patel has outlined a growing positive sentiment among large Ethereum investors, or whales, citing Bitmine's significant and frequent Ethereum acquisitions as a key factor. The company's recent Ethereum purchase was 46,255 ETH, bringing its total holdings to over 2.1 million.
This news underscores the confidence in Ethereum's potential for long-term growth, further fuelling the ongoing bull run in the cryptocurrency market.
Meanwhile, in a separate development, a BitStarz player landed a record-breaking win of $2,459,124, adding to the excitement in the crypto gaming world.
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