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 most recent Ethereum purchase has come throughout a period of weakness, which has seen the Ethereum value dropping $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 outstanding investor Tom Lee, could have quietly acquired an extra 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 obtained 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 price about $55.67 million, three separate 15,000 ETH transfers from FalconX price about $33.Three million every, and one other Kraken switch of about 19,026 ETH price $42.28 million.
BitMine had slowed its ether purchases within the week ending Could 11, shopping for 26,659 ETH price 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 purpose of proudly owning 5% of Ethereum’s complete provide.
The corporate has spent the previous 12 months constructing some of the 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, price about $11.1 billion. Curiously, the staking has to this point 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 will not be the one important participant quietly accumulating. On-chain knowledge tracked by Lookonchain reveals that a long-tenured Ethereum early adopter, referred to as an OG locally, has returned to the market amid the latest value weak point.
In response to Lookonchain, this pockets obtained 11,005 ETH from ShapeShift a decade in the past at an entry value of simply $3.46 per token. Over a 12 months in the past, these holdings had been bought 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 obtained 11,005 $ETH from ShapeShift at simply $3.46 every.
Over a 12 months in the past, he bought them for 30.56M $USDC at $2,777, making $30.5M in revenue – an 803x return.
Right now,… 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 could 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
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