According to blockchain analytics platform Lookonchain, BitMine Immersion Technologies transferred 21,054 ETH to a new wallet via Kraken. The transaction occurred on November 18 at 19:22:59 UTC and was valued at approximately $66.57 million.

BitMine has not yet confirmed this new transfer, though the company’s previous announcement of a 54,000 ETH purchase last week indicates that it continues to strategically increase its Ethereum holdings.

BitMine’s Ethereum Strategy and Market Analysis

BitMine now holds a total of 3.6 million ETH, representing close to 3% of Ethereum’s circulating supply. The company also maintains positions in Bitcoin and holds ORBS (Eightco) shares in its portfolio.

Its cash reserves have risen from $398 million last week to $607 million. This increase demonstrates BitMine’s liquidity strength despite tightening market conditions.

Crypto analyst and BitMine Chairman Tom Lee links the current market weakness to liquidity stress. Lee noted that a major market maker pulled back following the October 10 crash, creating short-term market strain.

Despite ongoing volatility, Lee emphasized that the crypto market has not yet reached its cycle peak. In his November note to investors, he highlighted that asset tokenization on Ethereum could increase blockchain demand over the long term.

Ethereum Opportunities and Long-Term Trends

The recent ETH price drop is opening strategic buying opportunities for major investors. Institutional purchases and increased liquidity support the market’s medium-term recovery potential. Asset tokenization is also digitizing traditional assets such as stocks, bonds, and real estate on Ethereum. This trend encourages investors to engage with the Ethereum ecosystem and strengthens long-term market demand.

BitMine’s strategic purchases and strong cash reserves provide a current example of institutional behavior capitalizing on ETH price dips. These moves demonstrate how major investors leverage market downturns to expand their holdings.

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This transaction was executed via Galaxy Digital, FalconX, and BitGo exchanges. As a result, the market continued its upward trend, and the charts turned green. ETH price is now only 11.8% away from its all-time high. 

This whale/institution has further added 49,533 $ETH, worth $210.68M, from #GalaxyDigital, #FalconX and #BitGo.

Currently, the whale holds a total of 221,166 $ETH, worth $940.73M, distributed across 6 different wallets.

Addresses:

– 0x23554140eCD8b99CC746d3ba2f799A2e19084b9e
-… https://t.co/IzihJk6nHx pic.twitter.com/vqCmsyXr02

— Onchain Lens (@OnchainLens) August 11, 2025

Currently, an Ethereum whale holds a total of 221,166 ETH across six different wallets. The value of these assets exceeds $940 million. Meanwhile, Arthur Hayes, CIO of Maelstrom, diversified his portfolio. His holdings include 1,250 ETH, 424,000 Lido DAO (LDO), 420,000 Ether.fi (ETHFI), and 92,000 Pendle (PENDLE) tokens. These acquisitions highlight strong interest in the Ethereum ecosystem. 

Whales’ Staking and Selling Strategies 

Some whales are not only buying but also staking their assets to generate additional income. A whale that remained inactive for three years staked 4,736 ETH, worth about $19.8 million. This investment yielded a profit of $10.7 million. Similarly, another whale withdrew 2,009 ETH from Binance to stake it. 

According to OnChain Lens data, a total of 10,999 ETH was withdrawn from Binance in the last two months. These ETH were used for staking on EigenLayer and ETH2.0 platforms. Currently, the staked assets generate a profit of $13.53 million. 

On the other hand, some whales are selling to realize profits. For example, the 1inch team sold 5,000 ETH at an average price of $4,215. This sale converted into $21 million USDC. Significant transactions were also recorded in other major assets like WBTC and LINK. 

These moves by whales demonstrate strategies to capitalize on the market’s upward momentum and manage risks. As a result, market dynamics are becoming even more active. 

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The post What Did Crypto Whales Buy and Sell? Here Are the Answers! appeared first on Coin Engineer.