Bitmine Receives $1.248 Billion in Ethereum from FalconX

Four new addresses, possibly belonging to Bitmine, received 27,792 ETH worth $1.248 billion from FalconX on August 28th. These wallets currently hold a total of 58,215 ETH worth $2.615 billion. The transactions were monitored by Onchain Lens.

On August 28th, four new addresses, potentially associated with BitMine, received a substantial 27,792 ETH worth $1.248 billion from FalconX. These wallets now hold a total of 58,215 ETH valued at $2.615 billion, as reported by Onchain Lens [NUMBER: 4].

This significant transaction comes amidst a broader crypto market sell-off, with Ether falling by more than 7% intra-session to $4,313 on Coinbase [NUMBER: 1]. The purchase aligns with Fundstrat's managing partner Tom Lee calling a near-term Ether bottom, citing attractive risk/reward ratios [NUMBER: 1].

BitMine's latest acquisition follows its previous purchase of 4,871 ETH (~$21.3M) during a market dip, raising its holdings to 1.72 million ETH and increasing its treasury value to approximately $7.5 billion [NUMBER: 1]. The company's aggressive accumulation strategy suggests confidence in the medium-term recovery of Ether prices.

The accumulation of Ether by corporate treasuries is growing, with BitMine emerging as a significant player. This trend can amplify price movements by tightening available supply, as large treasury moves can impact liquidity and price volatility [NUMBER: 3].

Analysts at Fundstrat project a short-term Ether bottom near $4,300 with upside potential above $5,100 if the trend holds [NUMBER: 1]. Traders should monitor on-chain treasury flows and liquidity metrics for confirmation of this potential bottom.

In summary, BitMine's latest Ether purchase, coupled with Fundstrat's technical outlook, suggests a potential near-term bottom for Ether. The growing corporate treasuries may support price stabilization by reducing available supply. Investors should keep an eye on on-chain treasury flows and liquidity metrics for further clarity.

References:
[1] https://en.coinotag.com/tom-lee-suggests-ether-may-have-bottomed-as-bitmine-adds-21m-holdings-reach-1-72m-eth/
[2] https://en.coinotag.com/bitmine-buys-the-dip-source-arkham/
[3] https://en.coinotag.com/bitmine-increases-its-lead-as-the-second-largest-crypto-treasury-source-bitmine/
[4] https://en.coinotag.com/four-new-addresses-received-27792-eth-worth-1-248-billion-from-falconx-on-august-28th/