Two large Ethereum transactions have leaked from FalconX, with Lookonchain linking them to ETH treasury company BitMine.
BitMine receives 48,049 Ethereum from FalconX
In a new post on X, on-chain detective Lookonchain pointed out how BitMine appears to have acquired 48,049 ETH from a hot wallet connected to FalconX, an institutional digital asset trading platform.
The coins were transferred to two different wallets through two transactions. The larger transfer contained 31,867 ETH and the smaller transfer contained 16,182 ETH. In total, the tokens were worth approximately $140.58 million at the time of the transaction.
The two transfers made by BitMine to acquire ETH during the past day | Source: @lookonchain on X
The move comes as Ethereum, along with the broader crypto sector, has fallen sharply, with prices falling below the $3,000 level. So it seems like they could be a sign that BitMine is buying a push.
BitMine was originally a company focused on Bitcoin mining, but under the leadership of Chairman Tom Lee in June of this year, it transitioned to Ethereum financial vehicles. Since then, the company has rapidly accumulated cryptocurrencies and established itself as a “strategy” for ETH.
On Monday, BitMine issued a press release announcing that its holdings had reached 3,967,210 ETH. So far, the company has not made any official announcement about the latest purchase, but if confirmed, it would take the total reserves past the 4 million ETH milestone.
The company has set a target of 5% of the total Ethereum supply in circulation. As of now, the company still has some way to go to reach this goal, but with approximately 3.3% of its supply currently stored in wallets, it is certainly making great progress.
With assets valued at over $11 billion, BitMine is the world’s second-largest crypto corporate holder after Strategy. But unlike Michael Saylor’s company, the Ethereum vault is currently in the red for the Treasury. Nevertheless, if two blockchain transactions amount to a purchase, it indicates that BitMine is still working on accumulating more transactions.
CryptoQuant community analyst Maartunn talked about how the price of Ethereum has changed since BitMine started accumulating in a post on X. Looking at the chart, we can see that ETH experienced rapid growth during the initial purchase period.
The trend in the capital invested by BitMine into ETH | Source: @JA_Maartun on X
But clearly, despite continued purchases from treasury companies, asset prices initially flattened and then declined. “Large buying ≠ sustained momentum,” the analyst pointed out.
ETH price
Ethereum managed to recover to $3,400 last week, but since then the coin has shown bearish momentum again, with the price returning to the $2,930 level.
Looks like the price of the coin has plummeted over the last week | Source: ETHUSDT on TradingView
Featured images from Dall-E, CryptoQuant.com, intel.arkm.com, charts from TradingView.com
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