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44,000 ETH suddenly appeared in the mysterious wallet, worth $167 million! This is BitMine’s third large-scale capital flow this month. What are they planning? The market has begun to speculate wildly.  Frequent transfers of huge amounts of ETH cause market shock Just this morning, two newly created wallet addresses received 44,036 ETH from Kraken and BitGo. This is not a small amount. At current prices, it is worth up to US$166.76 million. Blockchain monitoring data shows that these wallets most likely belong to BitMine. This is the fifth such operation this month. Starting on October 10, BitMine is suspected of receiving large amounts of ETH through multiple new wallets. On October 10, 23,823 coins were received. On October 12, an astonishing 128,718 coins were bought. On October 18, another 72,898 coins were received. Cumulatively, in less than a month, BitMine has accumulated nearly 270,000 ETH, worth more than 1 billion US dollars! Crazy bargain hunting after the market crash Of particular note is the transaction on October 12th. The purchase of 128,718 ETH occurred after the market crash, when the price of ETH was at a relatively low point. BitMine seems to have accurately grasped the market timing and bought a large amount of ETH at a price of $480 million.  This behavior is reminiscent of the large-scale bargain-hunting operations of some institutional investors after "Black Thursday" in March 2020. Those bold investors at the time were rewarded handsomely. Is BitMine copying the same strategy this time? Possible motives behind mysterious operation Why is BitMine receiving ETH through new wallets so frequently? Industry experts have suggested several possibilities: Probably in preparation for a new product. Some analysts believe that BitMine may be preparing a large-scale ETH staking service that requires a large amount of ETH as a reserve. Considering the development trend of ETH2.0, this speculation has some truth. It could also be institutional grade hosting. BitMine may be providing an exclusive ETH custody solution to high-net-worth clients or institutional investors, so multiple independent wallets need to be created to isolate the assets of different clients. The most intriguing speculation is the preparation for acquisition. Sources revealed that BitMine may be planning the acquisition of a certain DeFi protocol or blockchain project, which requires a large amount of ETH as transaction consideration.  Market reaction and future impact Regardless of BitMine’s true intentions, these large-scale operations have had a clear impact on the market. ETH price has increased by 3.2% in the past 24 hours, and trading volume has surged by 45%. In the derivatives market, ETH futures open interest increased by 18%, showing investors' strong interest in the future trend of ETH. "This may be one of the most noteworthy events in the cryptocurrency market in 2025. "An analyst who asked not to be named said, "When a company accumulates $1 billion worth of ETH in a month, the market has to take it seriously. " BitMine officials have yet to comment on these transactions. But what is certain is that as more details emerge, the cryptocurrency market may usher in a new round of volatility. For ordinary investors, it is crucial to pay close attention to BitMine’s next move.   |
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