Ethereum Wallets Swarm with $35M in 10 Hours

Two new wallets have accumulated $35.2 million in Ethereum over the past 10 hours, according to data from BlockBeats.

The transactions, which took place at an average price of $1,861 per ETH, suggest a deliberate strategy rather than random trades.

The identity of the buyer remains unconfirmed, but analysts point out that the use of newly created wallets is a common tactic among large investors to separate holdings from their primary addresses.

On-chain data suggests institutional involvement, and some experts speculate that the activity may stem from another institution rather than Bitmine, which has previously held Ethereum as part of its treasury strategy.