BitMine Immersion Technologies increased its Ethereum reserves again this week, taking advantage of a fresh market dip as ETH dropped below $3,000 for the first time since July.
According to blockchain analytics platform Lookonchain, a new wallet associated with BitMine received 21,054 ETH from Kraken. The transfer, worth $66.57 million, was recorded on November 18 at 19:22:59 UTC.
Although the timing aligns with BitMine’s ongoing buying trend, the company has not confirmed the transaction.
Meanwhile, this wallet activity coincided with the ongoing downturn in Ethereum’s price. ETH traded near $2,997 this week, marking a four-month low amid intensified selling pressure.
CoinGecko data shows ETH has dropped 26% over the past month, highlighting the sharp decline that may open up new buying opportunities for large holders like BitMine.
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