Crypto
Ethereum Exchange Reserves Plummet as Bitmine Accumulates Another $69M
The Ethereum supply held in exchange wallets has hit its lowest point in years, plummeting to 14.88 million ETH on September 8, according to data from CryptoQuant.
In contrast, Bitmine continues to accumulate ETH, purchasing an additional 28,086 tokens valued at $69.44 million this week. This brings the company's total reserves to 5.93 million ETH, currently worth approximately $14.66 billion and accounting for roughly 4.9% of Ethereum's circulating supply.
The amount of ETH withdrawn from exchange wallets since July 1 is around 6.4 million, with Binance holding alone decreasing to roughly 3.74 million ETH, representing a quarterly low for the platform.