Ethereum is facing a notable shift in whale and dormant-holder activity after on-chain data revealed large movements involving Bitfinex and Bitmine. Four previously dormant wallets deposited 48,047 ETH into Bitfinex after more than two years of inactivity, a transfer worth approximately $130.7 million at the time of reporting.
The movement was highlighted by market commentator @lookonchain and raises questions about whether long-term holders are preparing to sell or re-engage with trading. Because the ETH has entered an exchange, traders are watching for potential short-term supply pressure, especially as Ethereum has been trailing Bitcoin in recent performance.
At the same time, institutional-style accumulation continues. Bitmine, the largest Ethereum treasury company, acquired 27,562 ETH over the past week, bringing its total holdings to 5,983,940 ETH. That amount represents about 4.9% of the total ETH supply and puts Bitmine close to a 5% accumulation target. The company reportedly has about 5,067,309 ETH staked, valued at around $13.6 billion, with total assets including crypto and securities reaching approximately $17.1 billion.
The contrasting signals—a large dormant inflow to an exchange and continued whale accumulation—leave Ethereum's near-term supply dynamics in focus. Traders are monitoring resistance levels and any further wallet movements, while Bitmine's approach suggests longer-term confidence in ETH.
