Lookonchain noted that the wallets were created shortly before the transfers. The image shared with the transaction data shows a 25,000 ETH transfer from Kraken worth about $55.67 million, three separate 15,000 ETH transfers from FalconX worth about $33.3 million each, and another Kraken transfer of about 19,026 ETH worth $42.28 million.<\/p>\n
BitMine had slowed its ether purchases in the week ending May 11, buying 26,659 ETH worth approximately $63 million, about a quarter of its recent average weekly pace. Chairman Tom Lee said the firm was moderating its buying as it approached its long-term goal of owning 5% of Ethereum’s total supply.<\/p>\n
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The company has spent the past year building one of the most interesting Ethereum treasury strategies. In its May 11 update, BitMine said it held 5,206,790 ETH, alongside 201 BTC, $775 million in cash, and other holdings.\u00a0<\/p>\n
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BitMine also revealed that about 4.71 million ETH of its holdings were staked,<\/a> worth about $11.1 billion. Interestingly, the staking has so far been profitable, with the company also noting its annualized staking revenues have reached $319 million and a 7-day annualized yield of 2.86% from its own staking operations.<\/p>\n BitMine is not the only significant player quietly accumulating. On-chain data tracked by Lookonchain reveals that a l<\/a>ong-tenured Ethereum early adopter, known as an OG in the community, has returned to the market amid the recent price weakness.<\/p>\n According to Lookonchain, this wallet received 11,005 ETH from ShapeShift a decade ago at an entry price of just $3.46 per token. Over a year ago, those holdings were sold for 30.56 million USDC at $2,777, realizing a profit of $30.5 million and an 803x return on the original position.\u00a0<\/p>\n As the market drops, an #EthereumOG<\/a> who made $30.5M(803x return) is buying the dip on $ETH<\/a>!<\/p>\n 10 years ago, this OG received 11,005 $ETH<\/a> from ShapeShift at just $3.46 each.<\/p>\n Over a year ago, he sold them for 30.56M $USDC<\/a> at $2,777, making $30.5M in profit – an 803x return.<\/p>\n Today,\u2026 pic.twitter.com\/4N2o9qNpvd<\/a><\/p>\nAn Ethereum OG Buys The Dip<\/b><\/h2>\n
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