Bitmine Buys Another 18,345 Ethereum ($54.94M) In Fresh Accumulation Push – Details

Overview

Ethereum has recently regained the $3,000 level, spurred by a favorable market reaction to improving macroeconomic conditions. This recovery comes shortly after a significant policy shift from the Federal Reserve, which has led to heightened liquidity expectations across various risk assets.

Recent Developments

The Federal Reserve’s decision to end Quantitative Tightening (QT) has had a notable impact on the financial markets, leading to increased confidence among investors. With the market anticipating an imminent interest rate cut, Ethereum has emerged as one of the first major assets to respond positively to these changes.

Bitmine, a notable player in the cryptocurrency space, has continued its aggressive accumulation strategy during this period of market correction. According to data from Arkham, shared by Lookonchain, Bitmine has acquired an additional 18,345 Ethereum, valued at approximately $54.94 million. This acquisition is part of a series of purchases that reflect Bitmine’s strong confidence in Ethereum’s long-term potential, even amidst market volatility.

Additionally, a newly created wallet, identified as 0x52B7, has withdrawn 30,278 ETH from Kraken, valued at around $91.16 million. The size and timing of this withdrawal have raised speculation among analysts regarding its potential connection to Bitmine or a broader accumulation strategy. Typically, large withdrawals from exchanges suggest that the owner intends to hold the assets off-exchange, indicating a long-term investment perspective rather than a desire to sell.

If this wallet is indeed associated with Bitmine, their total accumulation in a single day could approach nearly 50,000 ETH. This level of activity among large holders often precedes significant price movements, indicating that major players may be positioning themselves for a potential market upswing.

Ethereum’s Market Position

Ethereum’s recovery to the $3,000 mark reflects a critical psychological threshold. The combination of favorable macroeconomic policies and the accumulation efforts by large holders provides a more robust foundation for the asset compared to previous weeks. However, despite this rebound, Ethereum’s price remains just below significant resistance levels, including the 50 Simple Moving Average (SMA).

The recent price action shows improvement after a corrective move that saw Ethereum drop from around $4,500 to the $2,700–$2,800 support zone. Buyers have stepped in at these levels, but Ethereum has yet to fully restore its bullish structure. A sustained break above the 50 SMA, which is positioned near the $3,100–$3,150 range, would signal renewed momentum and increase the likelihood of retesting higher price levels.

Impact on the crypto market

• Ethereum’s recovery above $3,000 signals renewed investor confidence in the asset.
• Bitmine’s aggressive accumulation strategy reinforces the notion that large players see long-term value in Ethereum.
• Large withdrawals from exchanges may indicate a shift toward holding assets off-exchange, suggesting long-term investment strategies.
• The combination of macroeconomic improvements and whale activity could lead to increased volatility and potential price shifts in the market.
• Overall market sentiment appears to be cautiously optimistic, with buying activity indicating a desire for strategic positioning rather than panic selling.

Updated: 12/3/2025, 6:37:12 PM