They Said Ethereum Was Dead — Then This Firm Spent $137 Million in 24 Hours

Cryptocurrency investment company BitMine, headed by Wall Street veteran Tom Lee, has purchased 40,718 ETH, worth approximately $137 million. The purchase is a sign of increased institutional confidence in Ethereum during the current market revival phase. 

According to recent blockchain data from Arkham Intelligence, two major transactions were made to BitMine wallets within 24 hours. Coinbase Prime and FalconX transferred over 19,000 ETH, worth $69.89 million, to the firm. Six days ago, the over-the-counter desk at Galaxy Digital transferred approximately 6,000 ETH, valued at $29.28 million, to BitMine addresses.

Source: Arkham Intelligence

Major OTC Partners Drive Ethereum Transfers

In recent BitMine Ethereum acquisitions, FalconX and Galaxy Digital became the major counterparties. The two companies transacted $ 29.27 million and $ 35.8 million, respectively. These movements reflect on proactive institutional trading links between BitMine and established crypto service providers.

BitMine's total exchange withdrawals have reached $12.83 billion across multiple platforms. FalconX accounts for the largest share at $5.85 billion, representing 46 percent of total outflows. Kraken follows with a withdrawal of $2.64 billion. BitGo recorded $2.5 billion, and Galaxy Digital processed $1.79 billion. Coinbase Prime transferred funds amounting to $47.17 million.

The company's total holdings decreased to $10.41 billion as of November 6, down from $12.43 billion as of October 30. This $2.03 billion drop was in a period of one week. According to Arkham data, no deposits were entered into BitMine wallets during the 119 days ending November 5.

The portfolio still gained 3.36 percent month-over-month. This growth reflects the volatile nature of cryptocurrency valuations during recent market conditions.

Lee Maintains Bullish Outlook Despite Price Fluctuations

Tom Lee forecasts large price gains for leading cryptocurrencies at the end of the year. According to the chairman of BitMine, Ethereum is expected to reach $7,000 by the end of December. His Bitcoin prediction ranges between $150,000 and $200,000.

BitMine expanded its Ethereum position by $294 million last week. The purchase added 82,353 ETH at an average cost of $3,909 per token. This acquisition increased total holdings to 3,395,422 Ethereum, representing over 2.8% of the circulating supply.

At the time of writing, Ethereum is trading at around $3,312, suggesting a 3.48% decline in the last 24 hours.

ETH Price, Source: CoinMarketCap