Mysterious Wallet Acquires $107 Million In Ethereum: Purchase Trend Suggests Bitmine Involvement

Ethereum has been stabilizing after a prolonged period of selling pressure, resulting in a price chart that reflects uncertainty in the market. In contrast, a significant on-chain transaction recorded this week reveals an entirely different scenario.

Key Takeaways

An unmarked wallet purchased $106.98 million worth of Ethereum in one transaction.
This purchase occurred during a time of price weakness and negative market sentiment.
The transaction suggests a potential involvement of Bitmine, a known entity in the cryptocurrency market led by Tom Lee.
Technical indicators show Ethereum struggling below its key moving averages, indicating bearish trends.

Mysterious Wallet Acquires $107 Million In Ethereum: Purchase Trend Suggests Bitmine Involvement

Major Purchase Stands Out

Recent data from Arkham Intelligence has highlighted a notable transaction: a single unidentified wallet has made a significant purchase of $106.98 million in Ethereum (ETH) in just one transaction. There was no public announcement or identification tied to this purchase. Instead, the transaction stands out due to its sheer size: one wallet, one major move, and a nine-figure sum.

Whale Ethereum Portfolio | Source: Arkham

Big transactions like this alone don’t indicate much. However, given the current market context, such an investment requires serious consideration. A wallet of this size acquiring $107 million in ETH during a period marked by price declines and pessimism does not suggest that its owner expects ongoing downward trends. Rather, these large wallets tend to act strategically rather than by chance.

While Arkham's data does not reveal the true identity behind this wallet, it does highlight key factors, including the scale and timing of the purchase. Such actions typically signify an institutional buyer moving against prevailing market sentiment, engaging in a price level that many traders have viewed as a ceiling rather than a support level.

This discrepancy between prevailing market activity and the actions of large capital like this suggests the potential for a significant shift in market dynamics. Although it does not guarantee a change, it certainly alters the conversation.

Uncovering the Identity: Is It Bitmine?

Arkham’s analysis goes beyond merely identifying the transaction; it also uncovers a behavior pattern. The purchasing habits of this unidentified wallet seem to align closely with those of Bitmine, a Bitcoin and digital asset treasury company led by Tom Lee, who is one of the most influential figures in the crypto space.

Ethereum Whale activity | Source: Arkham

This correlation isn’t definitive, but it raises a flag. In the realm of on-chain forensics, spotting such specific patterns linked to a recognized institutional player offers the closest form of attribution supported by the available data.

The significance of Bitmine in the cryptocurrency landscape goes beyond its holdings. Tom Lee has established himself as an advocate for digital assets, expressing strong institutional-level faith in them. When capital from his firm shifts, the market pays attention—not only due to the size but also because it indicates a strong institutional confidence in the digital asset space. If the $107 million ETH accumulation is confirmed as belonging to Bitmine, it would represent a significant endorsement of Ethereum’s current price points from a credible entity.

Consequently, Arkham raises a critical question: did Tom Lee just purchase $100 million worth of ETH? While an answer isn't available yet, the question itself is timely and pertinent, motivated by the on-chain evidence present.

Analyzing Ethereum's Market Position

Currently, Ethereum is trading around $2,075, showing a slight increase of 1.03% from its opening price of $2,053, with the weekly high reaching $2,199 prior to a pullback. Notably, the rejection at $2,199 is a crucial detail that the daily chart may overlook. The weekly candle is struggling to show recovery, indicating challenges ahead.

ETH consolidates above the $2,000 level | Source: ETHUSDT chart on TradingView

Examining the macro landscape provides clearer insights into Ethereum’s current struggles. Ethereum reached nearly $5,000 in early 2022, bottoming out below $1,000 mid-year, recovering through the market cycle, and eventually peaking near $4,800 in late 2024. The current price of $2,075 signifies a 57% decline from its most recent peak, effectively erasing the gains made during the 2024 bull run and returning ETH to levels reminiscent of late 2023.

Technical indicators on the weekly chart present concerning signals: prices have decisively fallen below the 50-week moving average (MA) and are now testing the 100-week MA, which is currently declining through the $2,200–$2,300 range. The 200-week MA continues a slow ascent from the $2,600 mark, suggesting a trading territory Ethereum hasn’t seen since early 2026.

All three of these moving averages are trending downward, with prices below them. Until Ethereum can reclaim the 50-week MA on a weekly close, the technical outlook remains bearish.

Featured image from ChatGPT, chart from TradingView.com