Tom Lee’s Crypto Circle Strikes Again: Bitmine Quietly Scoops Up 13,412 ETH in a $40M Ethereum Power Move
Institutional Ethereum Buying Intensifies as Bitmine Adds Another $40 Million in ETH
The wave of institutional interest in Ethereum is showing no signs of slowing. Bitmine, a crypto-focused firm associated with well-known market strategist Tom Lee, has continued its aggressive accumulation of Ether, signaling long-term confidence in the world’s second-largest blockchain network.
On December 22, on-chain data revealed that Bitmine purchased an additional 13,412 ETH, valued at approximately $40.6 million at the time of transfer. Blockchain records show the assets were moved directly from a Kraken hot wallet into an address linked to Bitmine, indicating a straightforward exchange withdrawal rather than an over-the-counter deal.
The transaction occurred within minutes and was executed in a single transfer, reinforcing the view that this was a deliberate and coordinated institutional move rather than fragmented retail activity.
On-Chain Data Confirms Direct Exchange Withdrawal
Blockchain analytics platforms flagged the transaction shortly after it settled on the Ethereum network. The receiving wallet now holds more than 13,400 ETH, with no meaningful outbound transactions recorded since the transfer.
Prior to the full inflow, the wallet conducted a small test transaction. This behavior is commonly associated with institutional-grade execution, where address verification precedes the movement of large sums. Such practices are standard among professional asset managers seeking to minimize operational risk.
The absence of immediate redistribution or selling activity strongly suggests that the Ether is being held for long-term custody. Analysts note that this pattern contrasts sharply with short-term trading wallets, which typically show frequent inflows and outflows within hours or days.
Bitmine’s Ethereum Accumulation Accelerates
This latest acquisition is not an isolated event. Earlier this month, on December 17, wallets linked to Bitmine accumulated more than 48,000 ETH in a series of transactions valued at over $140 million at the time.
Taken together, Bitmine’s December purchases alone exceed $180 million in Ethereum. Market observers estimate that the firm now controls more than 3 percent of Ethereum’s circulating supply, placing it among the largest known ETH holders outside of exchanges, staking pools, and protocol-managed addresses.
Such concentration has drawn attention across the crypto community. While Ethereum’s supply remains widely distributed, large-scale accumulation by a single entity inevitably becomes a focal point for both analysts and traders assessing future market dynamics.
Ethereum Price Remains Stable After Large Transfer
Despite the size of the transaction, Ethereum’s market price showed little immediate reaction. ETH was trading near $3,028 when the transfer occurred and remained within a relatively tight range in the hours that followed.
There was no sudden surge in volatility, nor was there evidence of panic selling. Derivatives data also reflected muted activity, with no significant spike in long or short liquidations across major exchanges.
This calm response suggests that the market was able to absorb the buying pressure without disruption. Analysts note that Ethereum had already been consolidating after recent volatility, and the Bitmine purchase did not alter short-term technical conditions.
The lack of price movement may also indicate that traders increasingly expect large institutions to accumulate quietly, rather than trigger immediate rallies through visible on-chain activity.
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| Source: Xpost |
Why Institutional Ethereum Accumulation Matters
Bitmine’s continued accumulation stands out at a time when many corporate crypto treasuries have adopted a more cautious approach. Several firms that previously expanded digital asset holdings have slowed or paused purchases amid regulatory uncertainty and shifting macroeconomic conditions.
Bitmine appears to be taking the opposite stance. By withdrawing ETH directly from centralized exchanges and holding it on-chain, the firm effectively reduces the amount of Ether available for immediate trading. Over time, sustained reductions in liquid supply can influence market structure, particularly during periods of renewed demand.
Ethereum’s evolving role also adds context to this strategy. With the network now firmly operating under proof-of-stake, Ether functions not only as a speculative asset but also as a yield-bearing instrument. Long-term holders can stake ETH to earn rewards, reinforcing the case for accumulation rather than frequent trading.
A Broader Signal of Long-Term Conviction
The pattern emerging from Bitmine-linked wallets points to a clear thesis: long-term conviction rather than short-term speculation. Large single transfers, exchange withdrawals, test transactions, and minimal outbound activity all support this interpretation.
Institutional investors often move well ahead of broader market sentiment. Historically, periods of quiet accumulation have preceded shifts in narrative, particularly when liquidity conditions improve or new catalysts emerge.
As Ethereum approaches key psychological price levels, market participants continue to monitor Bitmine’s wallet activity closely. Any change in behavior, such as redistribution or staking movements, could provide further clues about the firm’s long-term strategy.
Watching What Comes Next
While no single entity can dictate Ethereum’s market direction, sustained institutional accumulation adds an important layer to the broader picture. Bitmine’s actions suggest confidence in Ethereum’s future utility, security, and role within global digital finance.
For now, the message from the blockchain is clear. Large players are still buying, still withdrawing, and still holding. As long as that pattern remains intact, Ethereum’s long-term narrative continues to strengthen beneath the surface of short-term price fluctuations.
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