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Two massive Ethereum transactions have just flowed out from FalconX, with Lookonchain linking them to ETH treasury company BitMine.
In a new post on X, on-chain sleuth Lookonchain has pointed out how BitMine appears to have acquired 48,049 ETH from a hot wallet connected to FalconX, an institutional digital asset trading platform.
The coins transferred through two transactions to two different wallets. The larger transfer involved 31,867 ETH, while the smaller one 16,182 ETH. In total, the tokens were worth about $140.58 million at the time that they were transacted.
The two transfers made by BitMine to acquire ETH during the past day | Source: @lookonchain on X
The moves have come as Ethereum has plunged alongside the wider cryptocurrency sector, with its price dropping below the $3,000 level. Thus, it would appear possible that they are a sign of BitMine buying the dip.
Originally a Bitcoin mining-focused company, BitMine transitioned to being an Ethereum treasury vehicle under the leadership of chairman Tom Lee in June of this year. Since then, the firm has rapidly accumulated the cryptocurrency and has established itself as the “Strategy” of ETH.
On Monday, BitMine published a press release announcing that its holdings reached 3,967,210 ETH. So far, the company hasn’t made any official announcement of the latest buy, but if confirmed, it would take the total reserve past the 4 million ETH milestone.
The firm has set a target of 5% of the total circulating Ethereum supply. At present, the company still has some ways to go before this goal is hit, but at about 3.3% of the supply now sitting in its wallets, it has certainly made significant progress.
With holdings valued at more than $11 billion, BitMine is the second-largest cryptocurrency corporate holder in the world, only behind Strategy. Unlike Michael Saylor’s firm, however, the Ethereum hoarder has its treasury sitting in the red right now. Nonetheless, if the two blockchain transactions correspond to purchases, then it’s a sign that BitMine is still committed to accumulating more.
CryptoQuant community analyst Maartunn has talked in an X post about how the Ethereum price has changed since BitMine started its accumulation spree. It’s visible in the chart that during the initial buying period, ETH witnessed some rapid growth.
The trend in the capital invested by BitMine into ETH | Source: @JA_Maartun on X
Clearly, however, despite continued buying from the treasury company, the asset’s price first flatlined and then declined. “Big buys ≠ sustained momentum,” noted the analyst.
Ethereum managed to make a recovery to $3,400 last week, but the coin has once again gone through bearish momentum since then, as its price has returned to the $2,930 level.
Looks like the price of the coin has plummeted over the last week | Source: ETHUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, intel.arkm.com, chart from TradingView.com
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Crypto wallets linked to Elon Musk‘s SpaceX were detected transferring $133.4 million worth of Bitcoin
BTC
$110 982
24h volatility:
1.2%
Market cap:
$2.21 T
Vol. 24h:
$49.73 B
on Friday, October 24, sparking instant market reactions.
On-chain data from analytics platform Arkham shows that the transfer occurred around 4:30 p.m. CET, when Bitcoin was trading near $111,200. Within hours, BTC briefly dipped to $109,938 before recovering toward $110,500 at press time.
Elon Musk’s SpaceX Spotted Moving Bitcoin Worth $133M | Source: Arkham
Large-scale movements from major institutional entities like SpaceX often stir speculation of imminent sell-offs, prompting traders to adopt a more cautious stance. The originating account still holds 6,970.45 BTC, valued at approximately $770.4 million, according to data from Arkham Intelligence. These holdings are reportedly split between cold storage and Coinbase Prime custody, suggesting any potential sale could be part of an ongoing exposure adjustment rather than a complete liquidation.
The $133 million BTC transfer coincides with a week of heightened interaction between Elon Musk and the online crypto community.
On October 20, Elon Musk posted a humorous video of Floki Inu, labeling the Shiba Inu-themed dog as the “CEO of X”, the social media platform he acquired in 2023.
Earlier in the week, X also unveiled plans for a “Handles Marketplace”, a platform designed to allow verified users to trade unused usernames, a move interpreted as a precursor to integrating Dogecoin
DOGE
$0.20
24h volatility:
1.9%
Market cap:
$29.92 B
Vol. 24h:
$1.44 B
or crypto-based payments within the platform.
The post reignited interest in Dogecoin and other Musk-linked meme tokens, briefly lifting DOGE trading volumes across major exchanges.
As a private company, SpaceX’s total Bitcoin holdings and reserve strategy remain undisclosed. However, Elon Musk has maintained a supportive stance towards the pioneer cryptocurrency, affirmed in public appearances during President Trump’s campaigns in 2024.
Elon Musk’s SpaceX $133 million Bitcoin transaction has reignited investor interest in emerging AI-powered projects like SUBBD. SUBBD is built to connect influencers, brands, and digital communities, integrating advanced AI monetization tools.
SUBBD Presale
The ongoing SUBBD presale has now exceeded $1.3 million of its $1.4 million target, with tokens currently priced at $0.057. With the next pricing tier just over 48 hours away, prospective participants can visit the official SUBBD presale site to claim up to 20% staking rewards before the next phase begins.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
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Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
