Bitmine-Linked Address Withdraws $48.9M in ETH from Kraken, Data Shows

BitcoinWorld Bitmine-Linked Address Withdraws $48.9M in ETH from Kraken, Data Shows A newly created Ethereum address, believed to be associated with Bitmine (BMNR), has withdrawn 20,000 ETH worth approximately $48.89 million from the Kraken exchange over the past 50 minutes.

The on-chain data was flagged by blockchain analyst ai_9684xtpa, who noted that the address, beginning with 0xAef, is likely linked to the mining firm.

Context and Market Implications Large exchange withdrawals are often interpreted as a sign of holding intent, as investors move assets to private wallets for long-term storage rather than for immediate sale.

This move comes at a time when Ethereum has faced significant price volatility, with Bitmine currently holding a substantial position. According to available data, Bitmine holds 5,847,611 ETH at an average purchase price of $3,359 per ETH.