Bitmine announced its ETH holdings now exceed $3 million after it purchased over 202,000 ETH. Meanwhile, Strategy expanded its Bitcoin accumulation, raising over $27 million to buy 220 BTC.
These are just a few examples of how digital asset treasuries and large investors capitalized on last week’s significant crypto market crash, seizing the opportunity to buy the dip.
Institutions Buy the Dip
Last weekend’s crypto bloodbath caused digital assets to experience a sharp decline. Bitcoin saw its price drop by $20,000 in less than a day, while Ethereum fell by 21%.
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Major institutional investors—specifically digital asset treasuries—seized on the opportunity to expand their holdings at favorable prices.
BitMine Technologies, the world’s largest Ethereum treasury company, reported today that it had added 202,037 ETH to its holdings, valued at $828 million. This purchase boosted the company’s total reserves to 3,032,188 ETH, meaning BitMine now owns over 2.5% of the entire ETH supply.
The total value of the company’s treasury, including its cryptocurrency, cash, and “moonshot” investments, now totals $13.4 billion.
Meanwhile, Strategy also bought the dip. The largest corporate Bitcoin holder took advantage of the market crash to buy 220 BTC for $27.2 million. This purchase brought its total holdings to 640,250 BTC.
Institutions aren’t the only ones to make the most of a bad situation.
Whales Load Up on Altcoins
While retail investors remain shaken by the weekend’s sharp price drops, whales are quietly buying across the board.
According to a recent BeInCrypto report, large investors have signaled interest in specific altcoins, drawing attention to assets such as Chainlink, Uniswap, and Dogecoin.
LINK whales, holding over 100,000 tokens, significantly boosted their positions by 22.45%, raising their total holdings to 4.16 million LINK. Similarly, UNI saw a quiet accumulation while processing a record $9 billion daily trading volume. Large wallets added approximately 0.66 million UNI, worth about $4 million.
The most aggressive move, however, was seen in Dogecoin. During the crash, wallets holding over one billion DOGE increased their balance by 0.82 billion tokens, adding roughly $156 million worth of DOGE.
Source: https://beincrypto.com/institutions-restart-heavy-buying-after-the-weekend-crypto-crash/
