A wallet associated with Bitmine received 21,537 ETH, valued at approximately $59.17 million, from FalconX in an over-the-counter (OTC) transaction on November 23, 2025, as tracked by blockchain analytics provider Lookonchain. This acquisition underscores sustained institutional interest in Ethereum, with the wallet's link to Tom Lee of Fundstrat highlighting strategic accumulation aimed at bolstering Bitmine's holdings.
The transaction was executed via FalconX's OTC desk to prevent market disruptions and ensure price stability. No immediate outflows have been detected, suggesting a long-term holding strategy that could impact Ethereum's circulating supply dynamics and liquidity. Historical data indicates that similar institutional inflows have often triggered short-term price increases and shifts in market sentiment.
Tom Lee, Chairman of Fundstrat, emphasized Ethereum's long-term prospects, stating, "Key structural trends might delay the [crypto] peak until 2026 or later. Asset tokenization…on Ethereum [is a] trend that could reshape financial markets and strengthen long-term demand for blockchain infrastructure." This aligns with analysts' predictions of potential ripple effects across DeFi ecosystems and reinforced narratives for Ethereum's value proposition.
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