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Suspected Bitmine Withdraws $41 million Worth of ETH from BitGo

BlockBeats News, June 12th, according to Arkham Monitor, a newly created whale address 0x17A withdrew approximately $41 million worth of Ethereum from the custodian BitGo. The fund inflow pattern is similar to the previous buying behavior of Bitmine, led by Tom Lee, triggering market speculation about "institutional continued buying."

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Compared to a strategy relying on debt and preferred stock financing, Bitmine's current financial structure has more cushioning capability thanks to equity issuance, cash reserves, and ETH staking rewards.
The ebb of the top three buyers, BitMine bears the brunt of ETH selling pressure alone. With a floating loss of 3 billion, it is the ultimate gamble about "buying the dip" and "catching the falling knife."
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