Bitmain reportedly bought 128,718 ETH immediately after the plunge…about $480 million

Suehyeon Lee

Summary

It was reported that Bitmain was observed buying a total of 128,718 ETH immediately after the recent market plunge.
The purchase size amounts to about $480 million.
The market interprets this as Bitmain's 'buy the dip' strategy.

Bitmain reportedly bought a total of 128,718 Ethereum (ETH) immediately after the recent market plunge.

On the 12th (local time), according to LookonChain, six newly created wallets withdrew a total of 128,718 ETH from FalconX and Kraken. Those addresses are all presumed to be Bitmain-related wallets, and the accumulation amounts to about $480 million (about 670 billion won).

The market views this move as Bitmain's 'buy the dip' strategy. So far, Bitmain holds about 2,830,000 ETH (about $10.9 billion).

ETH