Bitmain appears to have purchased large amounts of Ethereum... about 20,000 moved to a presumed Bitmain wallet
Summary
- It was reported that 23,823 Ethereum (ETH) were transferred from BitGo to a wallet held by Bitmain.
- Bitmain currently holds about 2,830,000 Ethereum, and its total assets are estimated at approximately 13.4 billion dollars.
- Bitmain is pursuing a long-term holding strategy aiming to secure up to 5% of the total issued supply of Ethereum, but recently Ethereum's price has turned to a downtrend.
A large amount of Ethereum (ETH) was observed being transferred from virtual asset (cryptocurrency) custodian BitGo to a wallet believed to be held by Bitmain. Bitmain is the world's largest Ethereum holder.
On the 9th (local time), according to on-chain data analytics platform 'Onchain Lens', the wallet received a total of 23,823 ETH from BitGo that day. At the time of the transaction the price of Ethereum was about 4367 dollars, and the total value amounted to 139 million dollars. The industry interprets this receipt as a purchase in line with Bitmain's long-term holding strategy.
Bitmain is currently the company holding the most Ethereum in the world, with holdings reaching 2,830,000 as of the 5th. The total assets including cash and other holdings are estimated at approximately 13.4 billion dollars. The company has presented a goal to secure up to 5% of the total issued supply of Ethereum in the long term.
However, the price of Ethereum has recently returned to a downtrend. Ethereum is currently trading around 4360 dollars, down 3.3% from the previous day.
Doohyun Hwang
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