Bitmine Transfers 107,575 ETH Off CEX via Kraken & BitGo
On October 21, Onchain Lens flagged three wallets withdrawing 63,539 ETH (~$253M) from Kraken and BitGo. On October 31, two more wallets received 44,036 ETH (~$166.8M) off these centralized exchanges. Blockchain analytics link both rounds of Ethereum withdrawals to mining firm Bitmine. The cumulative 107,575 ETH off CEX movement suggests Bitmine is consolidating assets into private wallets, possibly for staking or OTC trading. These large withdrawals reduce ETH liquidity on Kraken and BitGo. Traders should monitor related wallet activity for further withdrawals or distributions, which could tighten supply and sway market dynamics.
Bullish
These withdrawals totaling 107,575 ETH remove a substantial amount of supply from centralized exchanges, tightening short-term market liquidity and reducing immediate selling pressure. Historically, significant ETH transfers off CEX custody often precede bullish price movements, as fewer tokens are readily available for trading. Long-term, if Bitmine stakes these assets, it will further lock up ETH, reinforcing supply constraints and supporting upward price trends. Therefore, this development is bullish for ETH.