An hour ago, an address bought 20,000 ETH—looks like Bitmine is doing it.
Bitmine already holds 5.8476 million ETH, currently at an unrealized loss of $5.27 billion.
At this scale in the market, it’s already definitely a giant whale.
Even while down by billions and still continuing to buy, many people will watch this move to look for clues.
But the money from big institutions and that from regular players aren’t the same kind of game—adding to positions doesn’t necessarily focus on the short-term books.
It could be rebalancing, or it could be other arrangements. Drawing a conclusion based on a single purchase is still too early.
Bitmine already holds 5.8476 million ETH, currently at an unrealized loss of $5.27 billion.
At this scale in the market, it’s already definitely a giant whale.
Even while down by billions and still continuing to buy, many people will watch this move to look for clues.
But the money from big institutions and that from regular players aren’t the same kind of game—adding to positions doesn’t necessarily focus on the short-term books.
It could be rebalancing, or it could be other arrangements. Drawing a conclusion based on a single purchase is still too early.