Bitmine Immersion Technologies transferred about 9,600 ETH ($19.5M) to Coinbase Prime wallets.
The transfer does not necessarily mean selling and may be for custody or internal portfolio management.

Bitmine Immersion Technologies moved 9,600 ETH, which is worth around $19.5 million, to the account linked with Coinbase Prime on Tuesday. According to the report from Arkham Intelligence, the transfers were made in two separate transactions. The analyst says that the transfers do not necessarily indicate that Bitmine plans to sell its ETH holdings

Major two transfers

The first transaction transferred 5300 ETH, which is valued at about $10.75 million, and the second transfer sent 4308 ETH, which is roughly around $8.74 million. Both transactions were routed through an intermediate wallet before reaching Coinbase Prime’s hot wallet, widely used by institutional investors

The latest movement in crypto can sometimes suggest that the investors are preparing to sell, but that may not be the case here. With tools for trading, custody, and portfolio management, Coinbase Prime is primarily intended for institutional clients. Because of this, the transfer to Coinbase Prime may occur for many reasons; consequently, the transfer by itself does not verify any immediate selling activity

Bitmine raised more than 4.5 million ETH from its total holdings last week by purchasing 60,976 ETH. Despite its substantial holdings, Bitmine’s cryptocurrency holdings are currently valued at roughly $2.25 billion, down from a peak of about $16 billion in October 2024. This decline is largely linked to the fall in the ether’s market price, and estimates suggest that Bitmine is currently holding unrealized losses of about $7.8 billion on its positions. Recent transfers have drawn attention towards the blockchain, and analysts say that they should be viewed within the broader context of the institutional crypto operations

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