Did A Whale Just Scoop $82M In Ethereum? Arkham Data Points To Tom Lee’s Bitmine

• Arkham Data flagged that a whale bought $ 82 million worth of Ethereum on Saturday.
• The buying activity was consistent with the trend followed by Bitmine Immersion Technologies Inc.
• Bitmine Immersion Technologies Inc’s price slowly ticked up during the after-hours trading.

On-chain analytics platform Arkham flagged a wallet purchase of roughly $82 million in Ethereum (ETH) on Saturday, a transaction pattern consistent with previous purchases by Bitmine Immersion Technologies Inc. (BMNR), the world's largest corporate Ethereum treasury.

Arkham flagged that the wallet received multiple large transfers within a few hours, including two transactions of around 20,000 ETH, bringing total holdings to roughly 40,000 ETH. The transfers originated from FalconX hot wallets, a platform commonly used for institutional trading activity.

The pattern of accumulation mirrored previous large purchases linked to Bitmine Immersion Technologies Inc, which is known for making large Ethereum purchases. 

The activity came as Ethereum’s price was trading at $2049, down by 0.5% over 24 hours. On Stocktwits, the retail sentiment around ETH remained in the ‘bearish’ zone, while chatter levels around it remained ‘normal’ over the past day.

Bitmine is the largest Ethereum treasury globally, holding 4.7 million Ethereum tokens and totaling $10.7 billion in assets, according to the company’s latest press release. Bitmine controls 3.92% of the total circulating Ethereum supply. 

The company ranks second among all global crypto treasuries, just behind Strategy Inc. (MSTR).

Bitmine's History Of Large Ethereum Purchases

This is not the first time on-chain data has shown an $82 million Ethereum purchase tied to Bitmine's buying pattern. According to data from Lookonchain, Bitmine made an Ethereum purchase of $82.11 million in November last year. Then, in February this year, the company added around 40,613 ETH in a single week, a figure equivalent to roughly $84 million at the time's prices.

BMNR’s price slowly ticked up by 0.02% during after-hours trading. The stock closed at $19.45 on Friday. On Stocktwits, the retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter levels around it remained ‘low’ over the past day.

Read also: Jack Dorsey’s Block Is Bringing Back Bitcoin’s Old-School 'Faucet' Playbook

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