On-chain data has exposed two large institutional crypto movements involving Bitcoin and Ethereum in late August 2026. Eleven wallets linked to the crypto options platform BIT, formerly Matrixport, closed a combined $419 million in BTC and ETH long positions, locking in about $55.1 million in realized profit, according to analyst ai_9684xtpa.
One position remains open: address 0xf78 still holds 1,602.11 ETH, worth roughly $3.97 million, with an unrealized profit of about $707,000. BIT, a Singapore-based digital assets platform that rebranded from Matrixport in 2022, offers options trading, structured products and derivatives services. The closures arrived during a period of heightened crypto volatility, and traders often read such profit-taking as a signal that institutional desks are reducing risk or rebalancing after significant price moves.
Separately, a newly created Ethereum address believed to be linked to Bitmine (BMNR) withdrew 20,000 ETH worth approximately $48.89 million from Kraken within 50 minutes. The same on-chain analyst flagged the address, which begins with 0xAef. Large exchange withdrawals are typically viewed as a sign of long-term holding intent, as coins moved to private wallets are less likely to be sold immediately.
Bitmine currently holds 5,847,611 ETH at an average purchase price of $3,359 per ETH. At current prices, that position carries an estimated unrealized loss of $5.27 billion. Despite this, the withdrawal suggests the firm may be moving assets off-exchange to reduce counterparty risk, prepare for staking, or simply continue a long-term accumulation strategy. Because outflows from exchanges reduce visible sell-side supply, they can have a stabilizing effect on prices.
Overall, the two moves show contrasting institutional behavior during a volatile stretch: BIT-linked wallets harvested profit on leveraged longs, while Bitmine-linked wallets removed spot ETH from Kraken despite heavy unrealized losses. Neither event is definitive on its own, but both offer transparency into how sophisticated entities are positioning in the current market.
