Whales withdraw $125 million worth of Ether from exchanges.

On-chain analytics firm Arkham Intelligence has flagged a significant Ethereum withdrawal, with two newly created wallet addresses pulling a combined $125.91 million in $ETH from @krakenfx and @BitGo. The move has drawn immediate attention from traders and analysts, with Arkham noting that the purchase patterns closely mirror prior accumulation behavior linked to @fundstrat and @BitMNR.

Fresh Wallets, Familiar Patterns

Blockchain data shows the two newly created wallets withdrew a combined 44,523 ETH, valued at approximately $125.91 million during the withdrawal period. One wallet received ETH from Kraken, while the second withdrew funds from BitGo shortly afterward. The use of fresh addresses is consistent with institutional practice. Analysts quickly flagged the movement because fresh wallets rarely handle such large sums, and most institutional buyers tend to prefer new addresses for security reasons.

Arkham's flag connecting the activity to Bitmine is notable given the company's well-documented accumulation strategy. Arkham Intelligence data showed that a total of 60,000 Ether was recently deposited into two newly created crypto wallets believed to belong to Bitmine, worth about $125.9 million. The holdings were traced from Kraken and digital-asset custodian BitGo to wallets linked to Bitmine, which as of May 17 held 5,278,462 Ether, equal to 4.37% of Ethereum's circulating supply of 120.7 million ETH.

Bitmine's Relentless ETH Accumulation

Bitmine Immersion Technologies ($BMNR), chaired by Fundstrat co-founder Tom Lee, has been one of the most active institutional buyers of Ethereum in 2026. The company's crypto holdings rank as the number one Ethereum treasury and the number two global crypto treasury, behind Strategy Inc. (NASDAQ: MSTR). Since the start of 2026, Bitmine has acquired over one million ETH and has accumulated more than 4.3% of the ETH supply, with the firm's holdings effectively reducing available supply as tokens are staked and removed from circulation.

Bitmine may slow the pace of its ETH accumulation as it inches closer to its accumulation goal, Chairman Tom Lee indicated at Consensus 2026 in Miami. The firm has recently been acquiring roughly 100,000 ETH per week and could hit its 5% supply target within six weeks. Whether the latest $125.91 million withdrawal represents another leg of that strategy remains unconfirmed, but the on-chain fingerprints have been enough to put the market on notice.

This article is for informational purposes only and does not constitute investment advice.

Sources:
CoinFomania: ETH Whales Move $125M, Is Tom Lee Quietly Buying Ethereum?
Bloomingbit: BitMine Shows Signs of Buying 60,000 More Ether
CoinDesk: Bitmine May Slow ETH Purchases as It Nears Accumulation Goal