Bitmine accumulated $217M in ETH over two weeks during a market drawdown, adding 63,481 ETH across tracked on-chain wallets.
Bitmine has continued to expand its Ethereum holdings during a period of broad market weakness.
On-chain data shows more than 217 million USD in ETH accumulated across two weeks, and the purchases occurred while many traders reduced exposure during the drawdown.
Steady Buying Across Two Consecutive Weeks
Bitmine reported that it acquired 45,759 ETH in the previous week, valued at about $94 million.
This purchase occurred as market sentiment remained cautious, and several assets experienced price pressure.
On-chain records confirmed that the acquisition came from tracked wallets linked to the firm.
This week, new data showed additional activity. The wallets added 17,722 ETH valued at about $34.70 million.
This brought the current two-week total to 63,481 ETH, worth around $128.74 million, and contributed to the overall $217.25 million deployed during the period.
Market analysts observed the steady buying pattern and tracked the inflows across several transactions.
The combined purchases occurred during a broad market drawdown. Many traders reduced exposure as volatility continued, yet Bitmine accumulated throughout the week.
The consistent activity shows that the wallets maintained their buying schedule even as prices fluctuated.
Market Conditions During the Accumulation
The accumulation took place near cycle lows for several assets. Ethereum experienced downward pressure across major exchanges, and trading volumes shifted as the market reacted to changing sentiment.
Traders monitored the price range closely while reviewing on-chain indicators across multiple networks.
During this period, various metrics showed reduced activity among retail traders.
Several analysts noted an increase in cautious behavior, and many market participants remained uncertain about short-term direction.
This added more attention to any large-scale accumulation taking place. While the market reacted to broader conditions, Bitmine continued adding to its holdings.
The firm’s activity contrasted with smaller wallet behavior, where more users reduced positions or remained idle.
The ongoing purchases created a point of interest for observers following institutional-sized activity.
Related Reading: Tom Lee’s BitMine Buys 45,759 ETH as Bottom Signals Flash
Industry Reactions and Ongoing Observations
Market analysts monitored the accumulation to assess how large buyers responded to drawdowns.
The activity raised questions about long-term planning, and analysts reviewed whether similar buying patterns appeared in earlier cycles. The data from Bitmine’s wallets confirmed an extended period of accumulation.
Some industry researchers also reviewed statements from well-known market analysts such as Tom Lee, who has commented on long-term accumulation trends.
They noted that large entities often buy during periods of reduced confidence. The continued ETH purchases aligned with observations of how some larger holders behave during declines.
Blockchain monitoring platforms continue to track the wallets associated with these transactions.
They report that the total holdings remain active and that there have been no major outflows since the acquisitions.
Analysts say they will continue watching the activity as market conditions evolve.
Source: https://www.livebitcoinnews.com/bitmine-keeps-buying-217m-eth-accumulated-while-others-panic-sell/
