BitMine's Big ETH Buys Spark Speculation as Glamsterdam Upgrade Looms

A recent Ethereum update has revealed that two large wallets have purchased significant amounts of ETH in quick succession. The first wallet accumulated 20,000 ETH worth around $48.89 million in under an hour, while a second wallet picked up 10,000 ETH about ten hours earlier. Both purchases are notable because they share similarities with the buying patterns of BitMine Holdings, led by Tom Lee.

The total reported holdings of BitMine stand near 5.85 million coins valued at approximately $14.4 billion at current prices. However, its average cost basis is estimated to be around $3,359 per ETH, resulting in an unrealized loss of roughly $5.27 billion. The continued large-scale buying despite this significant paper loss has led analysts to scrutinize each new suspected purchase.

On a separate note, the Ethereum Foundation has confirmed that the upcoming Glamsterdam upgrade will adjust gas costs tied to creating and accessing on-chain state through two proposals: EIP-8037 and EIP-8038. These changes are designed to keep the network scalable as usage grows. The Foundation notes that most contracts will behave exactly as before, but a smaller group may see execution failures or reduced performance unless updated.