BitMine and an unknown whale have acquired nearly $882 million in Ether through major OTC desks and exchange withdrawals in a show of growing institutional demand.
Institutional appetite for Ether shows no sign of slowing, with blockchain data revealing nearly $882 million in ETH purchases by two entities as of late.
Public Bitcoin mining firm BitMine Immersion Technology led the charge, scooping up 106,485 Ether (ETH) worth roughly $470.5 million over the past 10 hours. The miner’s latest haul brings its total holdings to 1,297,093 ETH, valued at about $5.75 billion, according to transactions tracked by Lookonchain.
The transactions reveal that BitMine acquired much of the ETH through large over-the-counter (OTC) deals and direct transfers from well-known institutional intermediaries, including Galaxy Digital, FalconX and BitGo.
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