Amidst market-wide strain and “Extreme Fear,” institutional firm BitMine Immersion Holdings purchased an additional 40,000 ETH worth $82 million on April 4. This significant accumulation, bringing their total holdings to $9.69 billion, occurs as Ethereum’s price shows weakness and spot ETFs see outflows, contrasting with long-term bullish signals from exchange withdrawal data.
The cryptocurrency market is showing signs of strain, with bulls unable to counter sellers effectively. Amid these conditions, BitMine acquired another 40,000 ETH worth $82.07 million from institutional platform FalconX on April 4, according to data from Lookonchain.
This move came as the Crypto Fear and Greed Index stood firmly in the “Extreme Fear” zone. The market has been predominantly in “Fear” or “Extreme Fear” territory since mid-January, as shown by the index.
Firms like BitMine are not waiting for market conditions to improve. “Institutions are betting on the token’s long-term conviction,” the data suggests, drawing parallels to MicroStrategy‘s substantial Bitcoin accumulation strategy.
With this purchase, BitMine’s total ETH holdings now stand at 4.73 million ETH worth $9.69 billion. This ranks them as the largest entity in the Ethereum treasury holding rankings.
Other major holders include SharpLink with 868,699 ETH worth $1.77 billion and The Ether Machine with 496,712 ETH worth $1.01 billion. In total, over 30 entities hold 6.73 million ETH worth $13.79 billion in treasury assets.
On the price front, ETH was trading at $2,028.64 after a 1.34% drop over 24 hours. Meanwhile, the spot Ethereum ETF was seeing outflows as a new quarter began.
Data on ETH’s Net Transfer Volume from exchanges shows investors are pulling ETH off trading platforms despite price weakness. This indicates bullish long-term signals, coinciding with the Ethereum Foundation staking approximately $139 million in ETH over seven days.
