On-chain knowledge is pointing to a different attention-grabbing accumulation transfer by Tom Lee’s BitMine Immersion Applied sciences, with a whale tracker flagging a $197.64 million Ethereum buy routed by 4 newly created wallets.
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The newest Ethereum purchase has come throughout a period of weakness, which has seen the Ethereum worth shedding $2,300, and $2,100 is now in focus.
BitMine Provides 89,026 ETH As Treasury Accumulation Continues
On-chain analytics agency Lookonchain flagged a collection of transactions suggesting that BitMine, the cryptocurrency mining and treasury agency chaired by distinguished investor Tom Lee, might have quietly acquired a further 89,026 ETH valued at roughly $197.64 million at present market costs. According to Lookonchain, the funds had been routed by 4 newly created pockets addresses, which acquired the ETH from main exchanges Kraken and FalconX.
Lookonchain famous that the wallets had been created shortly earlier than the transfers. The picture shared with the transaction knowledge exhibits a 25,000 ETH switch from Kraken value about $55.67 million, three separate 15,000 ETH transfers from FalconX value about $33.3 million every, and one other Kraken switch of about 19,026 ETH value $42.28 million.
BitMine had slowed its ether purchases within the week ending Could 11, shopping for 26,659 ETH value roughly $63 million, a few quarter of its latest common weekly tempo. Chairman Tom Lee mentioned the agency was moderating its buying because it approached its long-term objective of proudly owning 5% of Ethereum’s whole provide.
The corporate has spent the previous yr constructing one of the vital attention-grabbing Ethereum treasury methods. In its Could 11 replace, BitMine said it held 5,206,790 ETH, alongside 201 BTC, $775 million in money, and different holdings.
BitMine additionally revealed that about 4.71 million ETH of its holdings were staked, value about $11.1 billion. Curiously, the staking has thus far been worthwhile, with the corporate additionally noting its annualized staking revenues have reached $319 million and a 7-day annualized yield of two.86% from its personal staking operations.
An Ethereum OG Buys The Dip
BitMine just isn’t the one vital participant quietly accumulating. On-chain knowledge tracked by Lookonchain reveals that a long-tenured Ethereum early adopter, generally known as an OG locally, has returned to the market amid the latest worth weak spot.
In response to Lookonchain, this pockets acquired 11,005 ETH from ShapeShift a decade in the past at an entry worth of simply $3.46 per token. Over a yr in the past, these holdings had been offered for 30.56 million USDC at $2,777, realizing a revenue of $30.5 million and an 803x return on the unique place.
Because the market drops, an #EthereumOG who made $30.5M(803x return) is shopping for the dip on $ETH!
10 years in the past, this OG acquired 11,005 $ETH from ShapeShift at simply $3.46 every.
Over a yr in the past, he offered them for 30.56M $USDC at $2,777, making $30.5M in revenue – an 803x return.
Immediately,… pic.twitter.com/4N2o9qNpvd
— Lookonchain (@lookonchain) May 16, 2026
Now, with ETH costs declining, the identical pockets has re-entered the market, deploying 4.26 million USDC to buy 1,951 ETH at roughly $2,182 per token. Curiously, Lookonchain famous that the pockets might proceed shopping for.
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On the time of writing, Ethereum is buying and selling at $2,180.
Featured picture from Pexels, chart from TradingView
