Bitmine, Arthur Hayes, and Major Ethereum Whale Accumulate Over 32K ETH in Hours

Large Ethereum investors, including BitMEX co-founder Arthur Hayes, continue to demonstrate strong conviction in ETH through fresh purchases.

According to recent updates from Lookonchain, blockchain wallets linked to Hayes, Bitmine, and the whale address geministar.eth acquired more than 32,000 Ethereum coins over the past day, signaling sustained confidence in Ethereum despite ongoing market volatility. 

Bitmine Leads the Purchase with 20K Fresh ETH Buy 

Notably, Bitmine, the crypto treasury company chaired by Tom Lee, spearheaded the latest Ethereum buying spree. Lookonchain reported that Bitmine acquired an additional 20,000 ETH worth roughly $35.85 million. The company executed the purchase through FalconX, a leading institutional crypto trading platform, using a newly created wallet.

This approach aligns with Bitmine’s established accumulation strategy, whereby the company acquires ETH through intermediary wallets before transferring the assets to its primary treasury wallet.

Earlier this week, Bitmine disclosed that its Ethereum holdings had reached 5.62 million ETH, representing 4.66% of Ethereum’s total supply. Notably, the company has staked around 4.71 million ETH, underscoring its long-term commitment to the Ethereum ecosystem and its yield-generating strategy.

geministar.eth Buys 11,142 ETH 

Prominent Ethereum whale geministar.eth also purchased 11,142 ETH worth approximately $19.94 million from Binance. Notably, the acquisition came less than two days after the whale bought another 21,136 ETH from the exchange. As a result, geministar.eth has accumulated 32,278 ETH over the past two days, valued at roughly $57 million.

The aggressive accumulation suggests that the investor remains highly bullish on Ethereum’s near- and long-term prospects. 

Arthur Hayes Expands Ethereum Position

Arthur Hayes also contributed to the recent buying activity. According to Lookonchain, the BitMEX co-founder purchased an additional 1,400 ETH worth approximately $2.51 million in the late hours of yesterday. The latest acquisition further increased Hayes’ Ethereum exposure and reinforced his growing confidence in the asset.

Following the purchase, Hayes now holds a total of 4,400 ETH, making Ethereum his largest holding by dollar value. Notably, the latest purchases from Bitmine, geministar.eth, and Hayes amount to 32,542 ETH acquired within a short period. 

Market participants closely monitor whale accumulations because large investors often influence market sentiment and can signal expectations of future price appreciation. 

Ethereum Attempts Recovery Above $1,800

The accumulation trend comes as Ethereum attempts to reclaim the $1,800 level. After falling to a monthly low of $1,506 earlier this month, ETH has steadily recovered and posted modest gains. The asset also benefited from a broader crypto market rally this week following reports that the conflict between the United States and Iran has been resolved. 

Amid the renewed optimism, Ethereum climbed to approximately $1,850 before retracing below the key $1,800 threshold. At press time, ETH trades at $1,792, up 1.71% over the past 24 hours and 10.53% over the past seven days.