Bitmine announced that its ETH holdings now exceed $3 million after purchasing over 202,000 ETH. Meanwhile, Strategy expanded its Bitcoin accumulation, raising over $27 million to purchase 220 BTC.
These are just a few examples of how digital asset treasuries and large investors took advantage of last week’s crypto market crash and seized the opportunity to buy on the spurt.
Financial institutions buy the push
Last weekend’s cryptocurrency debacle saw digital assets experience sharp declines. Bitcoin’s price has fallen by $20,000 in less than a day, and Ethereum has fallen by 21%.
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Major institutional investors, especially digital asset government bonds, seized the opportunity to increase their holdings at favorable prices.
BitMine Technologies, the world’s largest Ethereum treasury company, today reported that it has added 202,037 ETH (valued at $828 million) to its holdings. This purchase increased the company’s total reserves to 3,032,188 ETH. This means that BitMine currently owns over 2.5% of the entire ETH supply.
The company’s total treasury, including cryptocurrencies, cash, and “moonshot” investments, now totals $13.4 billion.
On the other hand, strategy also gained momentum. The largest Bitcoin holder took advantage of the market crash and bought 220 BTC for $27.2 million. This purchase brought the total holdings to 640,250 BTC.
Educational institutions are not the only ones who can make the best out of a bad situation.
Whales pile up altcoins
While retail investors are still reeling from the weekend’s sharp drop in prices, whales have been quietly buying across the board.
According to a recent report from BeInCrypto, large-scale investors are showing interest in certain altcoins, drawing attention to assets such as Chainlink, Uniswap, and Dogecoin.
LINK whales holding over 100,000 tokens increased their positions by a significant 22.45%, raising their total holdings to 4.16 million LINK. Similarly, UNI saw quiet accumulation while processing a record trading volume of $9 billion per day. A large wallet added approximately 660,000 UNI, equivalent to approximately $4 million.
However, the most active movement was seen in Dogecoin. During the crash, the balance of wallets holding over 1 billion DOGE increased by 820 million tokens, adding approximately $156 million worth of DOGE.
