Bitmine Continues Accumulating Ethereum as Holdings Expand

In Brief

• Bitmine bought 40,000 ETH in one day.
• The purchases occurred during weak market conditions.
• The move signals institutional accumulation.

Ethereum (ETH) just saw one of its largest single-day institutional buys in weeks, and it didn’t come from an exchange-traded fund (ETF) headline or a hype cycle.

On-chain data shows Tom Lee’s Bitmine acquired 40,000 ETH worth roughly $83.4 million within hours, split across two separate purchases. The timing matters: this happened during a period of muted retail activity and subdued price momentum.

Traders are now wondering what smart money sees here that the market isn’t reacting to yet.

What Happened On-Chain

According to blockchain tracking data, Bitmine recently acquired 20,000 ETH ($41.08 million) from FalconX, followed hours later by another 20,000 ETH ($42.3 million) sourced from BitGo. The combined total landed in Bitmine-linked wallets within the same trading day.

It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 20,000 $ETH($42.3M) from BitGo 7 hours ago.

Today alone, it has bought 40,000 $ETH($83.4M).https://t.co/cY4jpzYpQu pic.twitter.com/YNTMDgdo3h

— Lookonchain (@lookonchain) February 10, 2026

These weren’t exchange inflows or short-term arbitrage moves. The transactions point to direct accumulation, not liquidity provision or rapid redistribution. That distinction matters, especially when purchases are clustered this tightly in time.

Tom Lee(@fundstrat)'s #Bitmine bought another 20,000 $ETH($41.08M) from #FalconX ~40 mins ago.https://t.co/P684j5Yil8 pic.twitter.com/NcsJWnLf0t

— Lookonchain (@lookonchain) February 9, 2026

Meanwhile, Ethereum was at press time changing hands at the price of $2,016.68, the same value as 24 hours before, but having declined 10.6% across the past seven days, and accumulating a loss of 35.3% over the last month, per the latest data.

*Ethereum price 7-day chart. Source:* *CoinGecko*

Why This Matters For Ethereum Holders

Large ETH buys don’t automatically move the price, but they often precede regime shifts. Institutional allocators tend to scale in during periods of low volatility, not during breakouts.

Bitmine’s activity fits that pattern. Ethereum has spent weeks lagging broader crypto narratives, with capital rotating into Bitcoin (BTC), equities, and artificial intelligence (AI)-linked assets. This kind of quiet accumulation suggests positioning ahead of a narrative change, not chasing momentum.

It also reinforces a broader trend: ETH demand is increasingly coming from structured funds and long-duration strategies, not retail speculation. When buyers of this size step in without price confirmation, it usually signals conviction as opposed to being a trade.

If ETH sentiment flips, these are the wallets that benefit first.