Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence

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Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence

Bitget-RWA2025/11/23 02:28

By:Bitget-RWA

- BitMine's 0x5664 wallet received $59.17M in ETH from FalconX, signaling continued institutional accumulation despite a 35% stock decline. - The OTC purchase highlights FalconX's role in enabling discreet large-scale trades, reducing market impact through off-chain execution. - Ethereum's $15B+ 24-hour volume and USDC's 72% market cap surge reflect growing institutional adoption amid regulatory clarity. - BitMine's ETH buying aligns with pre-Prague hard fork optimism, with analysts noting potential 7% pri

An Ethereum

wallet suspected to be associated with BitMine

received 21,537 ETH, valued at $59.17 million, from the OTC platform FalconX on November 23, 2025,

as reported by on-chain analyst Lookonchain

. This transfer, which took place just eight hours before the news was released, is part of BitMine’s ongoing ETH accumulation, which also includes

recent acquisitions of 17,242 ETH ($49.07 million)

and 110,288

ETH

throughout this month. The 0x5664 wallet,

believed to be linked to BitMine’s founder Tom Lee

, has caught the eye of traders who are closely watching ETH’s order book and institutional activity.

Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence image 0

BitMine’s shares (SBET) have

dropped by 35.15% over the last month

, mirroring wider market challenges. Despite these equity setbacks, the company’s persistent ETH buying demonstrates its optimistic outlook on the digital asset.

Experts believe this accumulation may reflect growing institutional trust

, which could help support ETH’s price as it tests important support and resistance zones. In late November, Ethereum’s 24-hour trading volume

surpassed $15 billion

, reinforcing its status as a leading layer-1 blockchain.

This sizable transaction also brings attention to FalconX’s part in enabling large trades without causing immediate price swings.

OTC services such as FalconX let institutions make significant purchases quietly

, which helps minimize slippage and keeps market volatility in check. For market participants, the next move—whether the 0x5664 wallet sends ETH to exchanges or custodians—

may offer clues about short-term ETH liquidity

and price trends.

At the same time, the stablecoin sector is evolving as clearer regulations encourage the use of transparent digital assets.

JPMorgan observed that Circle’s USDC has overtaken Tether’s USDT

in on-chain transactions, with USDC’s market capitalization jumping 72% to reach $74 billion in 2025. This movement, driven by adherence to regulations like the EU’s MiCA,

could shape Ethereum’s landscape

by channeling institutional funds toward compliant stablecoins and core blockchain infrastructure.

BitMine’s approach fits into the larger trend of institutional involvement in crypto, especially as Ethereum gears up for the Prague hard fork, which aims to boost scalability and lower transaction fees

according to recent reports

. Market watchers are encouraged to keep an eye on technical signals like the RSI (now at 55) and moving averages, with

ETH’s 50-day moving average at $2,650

. While the immediate effects of BitMine’s latest purchase are still unclear,

past trends indicate a possible 7% price rise

within 48 hours after similar large-scale buying activity.

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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