Bitmine Addresses Hoard 293K ETH in Eight Days
Over the past eight days, a cluster of addresses created via BitGo has hoarded 293,186 ETH, marking a significant ETH hoarding event valued at $1.24 billion. On-chain monitoring by Ember links these addresses to mining firm Bitmine. The accumulation occurred across FalconX, Galaxy Digital and BitGo platforms. Previously, Bitmine reported adding 317,000 ETH in one week, lifting total holdings to 1.15 million ETH. This ETH hoarding by a major miner cuts circulating supply and signals bullish sentiment for Ethereum. Traders should monitor reduced sell pressure and potential price support. On-chain ETH hoarding events often precede market rallies. Key terms: ETH hoarding, Bitmine, digital asset holdings.
Bullish
The sustained accumulation of 293K ETH by addresses linked to Bitmine reduces available supply and signals strong miner confidence. Historically, large-scale on-chain ETH hoarding events by miners or whales have led to supply constraints and price increases, as seen when major miners withheld ETH during key network upgrades. This move may limit sell-side liquidity and buttress price support in the short term. In the long term, continued accumulation by institutional miners like Bitmine could underpin a bullish narrative for Ethereum, especially ahead of upcoming protocol developments. Traders may expect reduced downward volatility and potential for price appreciation as supply dynamics tighten.