$ETH $ZEC $DOGE Is it bottom-fishing or grabbing shares? A mysterious whale swallowed $435 million worth of Ethereum in just one week!

Just now, on-chain data revealed a market-shocking move: cryptocurrency mining giant Bitminelmmersion crazily bought 138,452 $ETH in the past week, worth up to $435 million!

This is not a small retail play. After this purchase, the total amount of Ethereum held by this institution has reached an astonishing 3,864,951, with a total value exceeding $12.4 billion at current market prices.

An entity controls nearly $12.4 billion in Ethereum. What does this mean?

Look at the data and see the scale of this capital game:

✅ A lavish expenditure of $435 million in a single week: this is equivalent to the total size of a medium-sized hedge fund, yet it is merely a “shopping cart” for a mining company in one week.

✅ Total holdings of $12.4 billion: this figure has already surpassed the foreign exchange reserves of multiple countries; the whale's belly is unfathomable.

✅ Proportion of circulation: its holdings account for about 3.2% of the total circulating supply of Ethereum; its buying and selling actions are enough to stir up huge waves in the market.

This is not investment; it is strategic stockpiling. Against the backdrop of Ethereum upgrading to a deflationary asset and staking returns becoming the new favorite of institutions, the heavy positions taken by mining giants clearly indicate a preemptive layout for the upcoming wave of staking returns and ecological discourse power.

As such a behemoth continues to buy and lock up in the market, the freely circulating ETH will only become scarcer. Whale stockpiling + institutional staking = a storm of circulation tightening, which may have quietly arrived.

A silent competition for the actual control of Ethereum is fiercely taking place beneath the surface. What will be the next move of this whale holding $12.4 billion in ETH?

Let’s discuss in the comments: do you think this is smart money before the bull market kicks off, or a signal of centralized risk coming?