Bitmine Raises Ethereum Holdings to 3.529M ETH Worth $12.84B
On November 12, on-chain analytics specialist Arkham flagged that Bitmine received 24,007.35 ETH from Galaxy Digital’s OTC address in the past 12 hours. Combined with its November 10 disclosure, Bitmine’s total Ethereum holdings now stand at 3.529 million ETH, valued at $12.84 billion. Bitmine had previously reported an average cost basis of $3,639 per ETH for 3,505,723 ETH. Incorporating the latest acquisition adjusts the cost basis to $3,637.79, resulting in an unrealized loss of $658 million. This continued ETH accumulation by a major crypto miner underscores bullish confidence in Ethereum’s long-term trajectory, potentially tightening supply on exchanges and bolstering market sentiment. Traders should monitor miner behavior and network metrics as leading indicators for ETH price movements.
Bullish
Bitmine’s large-scale ETH accumulation indicates strong confidence from a major mining entity. Historically, significant accumulations by miners or institutional players have preceded bullish price trends by reducing available supply on exchanges. Although Bitmine is currently at a $658 million unrealized loss, its continued buying suggests a long-term bullish outlook on Ethereum. In the short term, this demand may support price floors and improve market sentiment. Long term, sustained miner accumulation could tighten supply dynamics and contribute to upward pressure on ETH prices, as seen in past cycles when miner behavior aligned with bullish market phases.