The crypto market is down, but whales appear to have continued pulling big moves.
Recent data provided by blockchain tracking firm LookonChain has revealed a single whale accumulating a massive 373,110 ETH in one week.
According to the data, the massive Ethereum purchase made by the whale, identified as BitMine Immersion (BMNR), was worth $1.62 billion per ETH’s price at the time of purchase.
BitMine now holds 1,523,373 ETH
Following the massive ETH stash scooped by the whale in the past week, BitMine has seen its Ethereum portfolio smash past $6.4 billion in value. As such, BitMine now boasts an incredible Ethereum holding of 1.52 million ETH.
While the firm has been consistent with its aggressive ETH accumulation, it has positioned itself as a prominent competitor in the global crypto space.
With its latest move, BitMine has now emerged as the largest Ethereum treasury in the world and the second-largest crypto treasury across the globe.
Moreover, with its strategic investment schemes, BitMine has continued to expand its operations, earning it a top spot in the global stock market. Further information provided by the source shows that BitMine has now become the 10th most liquid stock.
While BMNR has emerged as the most actively traded stock on the U.S. market, the firm has reported its shares trade big at an average volume of $6.4 billion per day.
Are whales diverting to Ethereum?
While the massive ETH purchases made by the single entity have sparked market reactions, it is just one of the numerous whale transactions involving ETH that were spotted during the past week. This validates speculations that whales might be taking over the Ethereum ecosystem.
Over the past few months, large crypto transactions executed across the broad crypto market suggest that whales are shifting attention from the leading cryptocurrency Bitcoin to Ethereum.
This is evident in the volumes and continuous streak of inflows witnessed by the spot ETH ETFs, which have outperformed those of spot BTC ETFs.
During the past week, the spot ETH ETFs saw an inflow as high as $1.02 billion in one day, meanwhile, the highest inflow recorded by the Bitcoin funds during the same week was only $403.88 million.
While Bitcoin has always led the market in daily ETF inflows, this shift in performance suggests that high-profile investors and institutions might be paying more attention to Ethereum now.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team