Suspected Bitmain-linked wallets have moved $88.2 million worth of Ethereum off exchanges.
On-chain data shows two addresses believed to be associated with Bitmain withdrawing 29,463 ETH from BitGo and Kraken. Bitmain is estimated to hold around 4.06 million ETH, acquired at an average price near $2,991.
The transfer underscores Bitmain’s massive exposure to Ethereum and suggests renewed on-chain activity from one of the industry’s largest players, a move closely watched by market participants.
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