Ethereum News Update: Bitmine's Bold SETH Purchases Counter Whale Sell-Offs, Indicating Strong DeFi Belief
- Bitmine's $63M SETH purchase signals institutional confidence in crypto, with 3.6M ETH (2.9% supply) now held as the top Ethereum treasury. - Strategic OTC buys from Galaxy Digital ($29.14M) and methodical accumulation highlight long-term price-stable acquisition tactics. - Aggressive buying contrasts whale sell-offs, showing conviction in SETH's DeFi utility amid growing decentralized finance adoption. - Market response includes heightened SETH trading activity, mirroring broader institutional crypto di
Bitmine’s latest acquisition of SETH, valued at $63 million, has sparked conversations about the level of institutional trust in the crypto sector. Experts point to the company’s calculated accumulation as evidence of increasing mainstream acceptance. The details, shared in a November 17 report,
The company’s tactics have been systematic, with blockchain records showing that 19,500 ETH were added to its portfolio in November alone.
The effects of Bitmine’s moves are already visible in the market.
Looking forward, Bitmine seems intent on strengthening its leadership in the Ethereum landscape. With a total of $11.8 billion in crypto assets—including 3.55 million ETH, 192 BTC, and $607 million in cash—the company is well-equipped to keep adding to its reserves when market conditions are favorable
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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