Bitmine buys an additional 40,000 Ethereum in a single day

Source

Suehyeon Lee

Summary

Ethereum investment firm Bitmine led by Tom Lee said it made a large-scale purchase of Ethereum (ETH) in a single day.
Bitmine said it bought an additional 20,000 Ethereum (about $42.3 million) from BitGo, bringing the day’s total to 40,000 Ethereum (about $83.4 million).
Bitmine previously withdrew 20,000 Ethereum from FalconX, and some see the firm as engaging in aggressive accumulation amid recent weakness in Ethereum prices.

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Bitmine, an Ethereum investment firm led by Tom Lee, made a large-scale purchase of Ethereum (ETH) in a single day.

According to Lookonchain, an on-chain data analytics firm, on the 9th (local time) Bitmine bought an additional 20,000 Ethereum from BitGo seven hours earlier, worth about $42.3 million.

The total amount of Ethereum purchased that day came to 40,000, valued at about $83.4 million. Bitmine had previously withdrawn 20,000 Ethereum from FalconX, a digital-asset brokerage. With Ethereum prices recently under pressure, some interpret Bitmine’s move as aggressive accumulation.

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