Summary
- It stated that despite the market correction phase, institutions and whale investors continue to accumulate Ethereum (ETH).
- A new wallet presumed to be owned by Bitmine was found to have recently withdrawn 33,323 ETH from FalconX and Kraken.
- Lookonchain analyzed that this cumulative buying could be a signal for a short-term rebound.
Despite the market correction phase, it has been observed that institutions and whale investors continue to accumulate Ethereum (ETH).
On the 11th (local time), according to on-chain analytics platform Lookonchain, two new wallets presumed to be owned by Bitmine withdrew a total of 33,323 ETH (approximately $126.4 million) from the FalconX and Kraken exchanges.
Another OTC whale investor was confirmed to have purchased an additional 14,165 ETH (approximately $55.5 million) through FalconX, Coinbase, and Wintermute.
Lookonchain analyzed, "The cumulative buying pressure from institutions and large investors is being maintained even amid the correction market," and "Such movements may also lead to a signal for a short-term rebound."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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