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Ethereum

Ethereum Aggressive Buying Spree From Bitmine – Here’s How Much They’ve Bought This Month

Godspower Owie
by Godspower Owie
2 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The broader cryptocurrency market has sprung back to life again, with Ethereum rising back above the $4,600 price mark after a renewed bullish move. Within the period of bullish action, Bitmine Immersion has gone on a significant buying spree, acquiring thousands of ETH in the month of September alone.

Bitmine’s Unstoppable Ethereum Buying Spree

Ethereum’s price is experiencing a newfound upward strength as the leading altcoin draws dangerously closer to the $4,700 level. While ETH is gaining bullish traction, Bitmine Immersion Technology Inc., a leading treasury company, is doubling down on the asset with its steady, significant purchases.

Related Reading: BitMine’s Ethereum Holdings Top 2.1 Million After Fresh 46,255 ETH Buy

In a post from Crypto Patel on the social media platform X, the expert revealed that the treasury company has been buying ETH at a massive scale this month alone. The company’s frequent and substantial ETH acquisitions demonstrate its robust belief in the asset’s potential for long-term growth.

Even as market fluctuations continue to test investor confidence, Bitmine appears to be unshaken by the previous price swings. This substantial acquisition fuels the argument that ETH’s place in the future of smart contracts and decentralized finance is still far from fully priced in.

Ethereum
Bitmine heavily buying ETH | Source: Chart from Crypto Patel on X

Data shared by Crypto Patel shows that the company has scooped up over 276,800 ETH in just 14 days, valued at roughly $1.3 billion. It is worth noting that this 276,800 ETH was acquired in just 2 weeks, particularly on September 7 and 14. In the first week of this month, Bitmine accumulated 74,300 ETH, while the second week saw 202,500 ETH.

Such a massive purchase reinforces Bitmine’s leading role in ETH treasury strategy and strengthens its position in the general crypto landscape. Considered an aggressive accumulation by any standard, Crypto Patel stated that the buying spree is a strong signal of institutional conviction in ETH’s long-term value. 

Large Investors Are Sharply Scooping Up ETH

During this renewed bullish action, ETH‘s largest investors are making their presence felt once again in the market. Crypto Patel has outlined a growing positive sentiment among these large investors, also known as whales, as they continued to accumulate the asset.

Related Reading: Binance Ethereum Reserves Shrinks As Whale Outflows Persist – Here’s What They Are Up To

According to Crypto Patel, big money players on Ethereum are stacking more than ever before. On-chain data shows that Ethereum whales holding between 10,000 ETH and 100,000 ETH have just climbed to a new all-time high. Presently, a significant portion of the supply is controlled by these wallets, indicating increasing accumulation.

In addition to indicating a notable growing pattern of accumulation, this recent spike in whale balances also suggests a strong belief in the altcoin’s prospects. Crypto Patel noted that whale confidence at this scale typically precedes large market moves. As large investors double down on the altcoin, the expert stated that strong on-chain support is forming.

Ethereum
ETH trading at $4,600 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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