Ethereum treasury-focused Bitmine known for its agressive Ethereum accumulation has added another 18,271 ETH to its holdings as of November 10.
Onchain tracking platform, Whale Insider has revealed a massive purchase of 18,271 ETH worth about $64.59 million from BitMine as the broad crypto market flips positive with prices of leading cryptocurrencies, including Ethereum noting massive surges.
Ethereum reclaims 18,271 amid BitMine’s new purchase
The data further show that the transfer involved moving funds from the leading cryptocurrency exchange, Kraken, into a familiar crypto wallet that has been repeatedly associated with BitMine Immersion’s recent ETH purchases.
The Ethereum buy activity, which happened in two separate transactions, has drawn the attention of market participants, as it has come when Ethereum is seeing a significant increase in its trading price.
Amid the broad crypto market rally, Ethereum has bounced back above $3,600 at the time BitMine made its large ETH purchase, signaling renewed strength after recent market turbulence.
Apart from BitMine, large and repeated corporate buys has been spotted within the Ethereum ecosystem as Ethereum resumes its bullish trajectory, noting massive daily surges.
Bitmine holds strong on Ethereum
While BitMine remains the largest ETH treasury in the world, it appears that the public firm is not holding back on its Ethereum accumulation strategy anytime soon. Previous reports show that BitMine has relentlessly acquired Ethereum even during the recently concluded severe market correction.
During the past week, BitMine’s chairman, Tom Lee, had seen the recent dip in the price of Ethereum as an opportunity to stack up the asset at discounted prices, as he had urged the crypto community to keep buying the asset rather than taking caution amid rising doubts.
The market rally has seen Ethereum record an impressive 42.64% surge in its trading volume over the last day, bringing its price to $3,542 as of writing time.
While Ethereum had seen its price on the verge of losing the $3,000 mark during its latest correction in the past few days, its sudden resurgence has seen it reclaim $3,600, recording an intraday high of $3,656 as of November 10.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team