On-chain data shows capital rotation into two crypto assets during dip

During the recent market dip, two cryptocurrencies have recorded notable inflows on-chain. One of them is Ethereum (ETH), following a treasury expansion by BitMine Immersion Technologies. The company purchased 51,162 ETH last week, bringing its total holdings to more than 4.42 million ETH.

BitMine has committed approximately $16.4 billion to building its Ethereum position. With ETH trading near current levels, the value of that treasury has declined materially, resulting in unrealized losses exceeding $8 billion. Despite the downturn, the firm continues to generate an estimated $171 million in annualized revenue through its staking operations.

Mutuum Finance (MUTM) has also registered on-chain inflows, with transactions totaling roughly 122 ETH, equivalent to approximately $240,000 at current market prices.

BitMine expands Ethereum treasury

BitMine Immersion Technologies added 51,162 ETH last week, a purchase valued at approximately $98 million at current market prices. The transaction increases the company’s total Ethereum holdings to more than 4.42 million ETH, representing about 3.66% of the circulating supply.

The firm has allocated roughly $16.4 billion toward building its Ethereum treasury. With ETH trading near $1,820, down around 5% over the past 24 hours, the value of those holdings has declined materially. Unrealized losses now exceed $8 billion based on current pricing, according to DropsTab.

BitMine stated that over 3 million ETH from its treasury are currently staked, generating an estimated $171 million in annualized revenue. The staking yield forms a central part of the company’s treasury strategy.

Chairman Thomas Lee said the company will continue executing its accumulation plan during what he described as a “mini crypto winter,” focusing on expanding ETH exposure while optimizing yield across its holdings.

Mutuum Finance (MUTM) whale inflows

Roughly two weeks ago, on-chain data showed two consecutive transactions into Mutuum Finance from the same wallet, each exceeding $110,000 in value. The first transfer totaled approximately 60 ETH, followed shortly by a second transaction of nearly 62 ETH. These inflows contributed to the project moving past $20.6 million in funding and surpassing 19,000 holders of its native token, MUTM, which is currently priced at $0.04.

The transactions were recorded shortly after the team announced the launch of its V1 protocol on the Sepolia testnet. Prior to deploying the protocol on testnet, Mutuum Finance completed a security audit of its lending and borrowing smart contracts conducted by Halborn. The firm is a recognized blockchain security provider that has previously performed audits for major industry participants, including Coinbase and the Solana ecosystem. The review covered core contract logic and risk parameters ahead of broader public testing.

The V1 protocol, now live on the Sepolia testnet, allows users to test the core components of Mutuum Finance’s lending and borrowing system. Participants can mint and supply supported assets, including USDT, ETH, WBTC, and LINK, and borrow against collateral within the test environment.

When assets are supplied, they are converted into mtTokens, which represent a user’s deposit position and accrue yield based on borrowing activity. These mtTokens can also be staked within the protocol framework to receive MUTM rewards.

In a recent development update, the team stated that work is underway on additional features while refining key elements of the codebase. This includes optimizations to the Stability Factor. The team also indicated that a new feature is scheduled for release in the coming week.

Mutuum Finance and Ethereum, two cryptocurrencies that recorded notable inflows during the recent market dip, signal continued capital activity despite broader weakness. Ethereum saw treasury expansion from a publicly traded firm, while Mutuum Finance registered measurable on-chain transactions around recent development milestones.

Both assets are attracting capital under different market narratives, one as established infrastructure, the other as an early-stage lending protocol.

Disclaimer: This is a paid post and should not be treated as news/advice.