Ethereum Institutions Keep Buying Despite Volatility

The Ethereum network is seeing significant institutional activity despite its current price struggles.

BitMine, a large public Ethereum treasury, has added another 10,464 ETH to its holdings, worth around $19.48 million. This purchase brings BitMine's total holdings past 4.8% of the circulating supply, solidifying it as the largest publicly traded Ethereum treasury.

Another notable development is Fidelity-linked wallets transferring nearly $500 million in Ethereum, which appears to be an internal custody reorganization rather than a move towards an exchange.