Ethereum News Update: Bitmine's Bold SETH Purchases Counter Whale Sell-Offs, Indicating Strong DeFi Belief

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Ethereum News Update: Bitmine's Bold SETH Purchases Counter Whale Sell-Offs, Indicating Strong DeFi Belief

Bitget-RWA2025/11/19 09:08

By:Bitget-RWA

- 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,

highlight Bitmine’s rapid growth

in Ethereum-related holdings. The firm now possesses 3.6 million

ETH

tokens, which accounts for 2.9% of all ETH in circulation. This acquisition cements Bitmine’s status as the world’s largest

Ethereum

treasury,

second only to MicroStrategy

in total crypto reserves.

The company’s tactics have been systematic, with blockchain records showing that 19,500 ETH were added to its portfolio in November alone.

A notable share

of this was secured through an OTC deal for 9,176 ETH from Galaxy Digital, worth $29.14 million. Tom Lee, Bitmine’s founder, has

stressed a focus on long-term gains

by purchasing during market downturns to minimize price impact, a method that reflects the broader institutional movement toward diversifying with digital assets.

Ethereum News Update: Bitmine's Bold SETH Purchases Counter Whale Sell-Offs, Indicating Strong DeFi Belief image 0

Bitmine’s SETH acquisition stands out amid inconsistent whale activity. While some long-term investors, such as wallet 0x0c19, have been selling ETH at cost, Bitmine’s assertive buying

is a stark contrast to this more conservative stance

Market observers believe

that such significant institutional investments reflect strong belief in SETH’s role within DeFi platforms, where its use is on the rise.

The effects of Bitmine’s moves are already visible in the market.

Growing institutional demand

for SETH has led to a surge in trading volumes, prompting exchanges to upgrade their systems to handle the increased activity. This pattern is part of a larger trend, as established financial institutions move into crypto to diversify and manage risk. For example, Bitmine’s $63 million SETH buy

follows the lead

of companies like Fidelity and Anchorage Digital, both of which have recently expanded their ETH holdings.

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

as stated in reports

. Tom Lee has previously mentioned that the peak of the crypto cycle could still be 12 to 36 months away, implying that the current wave of acquisitions is part of a broader, long-term accumulation plan

based on recent analysis

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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