BitMine and Trend Research Lead Latest Ethereum Buying Spree Amid Market Weakness

Major market participants have continued to increase their exposure to Ethereum (ETH), investing millions of dollars in the second-largest cryptocurrency. 

This comes despite recent price weakness that has pushed the asset down nearly 3% just this week alone. The divergence suggests that while price action remains under pressure, long-term conviction among institutional and whale investors appears intact.

Price Weakness Fails to Deter Major Buyers  

BeInCrypto Markets data showed that Ethereum has continued to struggle amid a broader market downturn. At the time of writing, ETH was trading at $2,929.23, down 1.06% over the past 24 hours.

Ethereum (ETH) Price Performance. Source: BeInCrypto Markets

While the decline has unsettled some investors, others appear to be treating this as a buying opportunity. Blockchain analytics firm, Lookonchain, highlighted that BitMine Immersion Technologies purchased 67,886 ETH, valued at approximately $201 million.

This followed an earlier acquisition just one day prior, when the firm acquired 29,462 ETH worth $88.1 million from BitGo and Kraken. The consecutive purchases align with the firm’s broader accumulation strategy.

Last week alone, BitMine acquired a total of 98,852 ETH, pushing its overall Ethereum holdings past the 4 million mark. With Ethereum’s trading price just slightly above BitMine’s average entry of $2,991, the company appears unfazed by recent price swings.

Big Money Moving Into ETH