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- Bitmine Immersion Technologies moved approximately 9,600 ether (ETH) to Coinbase Prime's hot wallets on Tuesday in two separate transfers, Arkham data shows.
- The first transfer sent 5,300 ETH worth $10.75 million roughly nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago.
- Both transfers went through an intermediate wallet before landing in a Coinbase Prime hot wallet, a routing pattern typical of institutional custody.
- As such, the moves don’t necessarily signal an intention to sell.
- Large on-chain transfers often spook investors, who may fear a looming liquidation.
- The transfers come after Bitmine reported its largest weekly ether purchase of 2026, buying 60,976 ETH last week and bringing its total holdings above 4.5 million tokens.
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