On July 10, 2026, according to several on-chain tracking and media materials, two significant ETH increases of similar volumes and consistent direction occurred simultaneously within the same time window: one involved Bitmine, an institutional entity believed to be related to Tom Lee, which is suspected to control a wallet that purchased 20,500 ETH from Galaxy Digital, with a nominal amount of about 35.92 million USD; the other was the unidentified whale address 0x2684, which again increased its holdings by 9,882 ETH, approximately 17.27 million USD, resulting in the on-chain appearance of two large buy orders with the same direction and a similar rhythm on that day. In the current market phase, generally described as ETH being at a relatively high price and not at a panic low, the simultaneous increase in ETH holdings from different types of large investors—one with clear institutional backing, Bitmine, and the other a long-term anonymously operated wallet, 0x2684—constitutes an on-chain signal that warrants separate dissection and continuous tracking.
Bitmine Executes a Large Purchase of 20,000 ETH
During this round of fluctuations, the institutional entity Bitmine, seen by many materials as related to Fundstrat co-founder and crypto analyst Tom Lee, stood back in the spotlight. Public information indicates that Bitmine has conducted multiple large transactions in crypto assets in the past. Although the specific buying times and holding sizes have not been disclosed, the tags of “frequent actions” and “considerable amounts” have already made it one of the market's key monitored institutional addresses.
According to monitoring by the on-chain tracking platform Lookonchain, approximately 6 hours ago, a wallet suspected to be controlled by Bitmine purchased 20,500 ETH from Galaxy Digital, with a nominal value of about 35.92 million USD. This transaction was made as an on-chain transfer completed by Galaxy Digital as an OTC wholesale counterparty. From an absolute size perspective, a single purchase of over 20,000 ETH itself belongs to the top tier; more importantly, the materials explicitly describe this action as a “additional purchase” based on existing positions, indicating that Bitmine is not engaging in a short-term tentative build but is continuing to amplify its bet on ETH on an existing exposure. This kind of continuous accumulation behavior reflects a more stable attitude towards ETH’s mid-to-long-term performance than isolated trades.
Whale 0x2684 Purchases Over 30,000 ETH in Ten Days
Unlike Bitmine, which has been regarded as an institutional entity, the whale address 0x2684 can only be identified through its on-chain behavior. PANews cited Lookonchain data indicating that the address again purchased 9,882 ETH on July 10, with a nominal value of about 17.27 million USD, raising its cumulative ETH purchases in the last ten days to approximately 34,577 ETH, corresponding to about 57.53 million USD. During the same period, this address also bought about 250 WBTC, with a nominal value of about 15.66 million USD. The materials mention that these ETH and WBTC were mainly concentrated by withdrawing large amounts from centralized exchanges like Binance, reflecting that it is not merely trading short-term rotations within an exchange but is gradually amplifying its net exposure to ETH and Bitcoin prices on-chain.
From a characteristics perspective, the operation rhythm, individual volume, and the continuous withdrawal path from exchanges by 0x2684 closely resemble the common patterns of “large accounts uniformly managed by custodians” or “high-net-worth individual self-managed addresses.” However, the current public information cannot establish a precise correlation with any specific institution or individual, and various external speculations about its true identity remain unverified. Combining the current description of ETH as being at a relatively high level and not at a panic bottom, the anonymous whale's behavior of continuously purchasing and withdrawing over 30,000 ETH in ten days constitutes a significant on-chain sample for observing the attitude of large off-exchange funds regarding mid-term allocations to ETH.
How the Market Reacts When Institutions and Whales Buy in Sync
Within the same time window on July 10, a wallet suspected to be controlled by Bitmine bought 20,500 ETH (approximately 35.92 million USD) from Galaxy Digital, while whale address 0x2684 was observed to have again bought 9,882 ETH (approximately 17.27 million USD). The simultaneous purchases of the same asset by these distinct large entities can easily be packaged into a narrative in the public discourse of “smart money is betting on ETH”: one side being institutional funds believed to be related to Tom Lee, and the other being an anonymous whale with a long ambiguous identity that has accumulated about 34,577 ETH in the past ten days. Together, they are interpreted by many participants as an indirect endorsement of ETH’s mid-to-long-term value. It is important to emphasize that public materials do not provide quantitative statistics indicating how often “institution + whale synchronous buying” has been successful historically, nor do they prove that Bitmine or 0x2684 has made profitable exits with each large accumulation, thus simply equating it to a “sure profit signal” lacks data-based support.
Moreover, it is worth noting that ETH is currently described as “at a relatively high price” and not clearly at a panic or liquidity-crunch bottom range. In such an environment, choosing to buy 20,500 and 9,882 ETH at once looks more like a continued add-on after the existing increase, rather than a typical scene of counter-trend bottom hunting. Such behavior is often understood as having confidence in the fundamentals and narratives for the near future, but it also implies a higher tolerance for short-term paper losses. For market participants, viewing these two transactions as a reference sample for mid-to-long-term fund attitudes is reasonable, but interpreting them as warranties for short-term price increases is a misinterpretation that exceeds the existing on-chain evidence scope.
Preferences Revealed by the Combination of ETH and WBTC Purchases
From the trading structure over the past ten days, 0x2684 has not concentrated its holdings in a single public chain asset. According to public data, this address has cumulatively purchased approximately 34,577 ETH and about 250 WBTC during this period, with a total nominal value of around 73.19 million USD, of which ETH accounts for about 57.53 million USD and WBTC for about 15.66 million USD. Both types of assets were primarily concentrated in that address through withdrawals from centralized exchanges like Binance, and currently, no significant disclosures about large-scale outflows of ETH or WBTC from this portion have been observed. This makes 0x2684's on-chain image closer to that of an “asset position account” holding both Ethereum and Bitcoin exposures simultaneously rather than a frequently rotating short-term wallet.
Disaggregating this combination from an asset attribute perspective allows for a clearer view of its preference structure: ETH is the foundational asset of the Ethereum ecosystem, carrying mainstream narratives like smart contracts, decentralized applications, and Layer 2 expansions; WBTC, on the other hand, is a Bitcoin-denominated asset on the Ethereum chain, effectively providing exposure to Bitcoin's price market cap. Allocating a large proportion of both within the same address lowers the concentration bet on a single public chain's technology path, while amplifying the overall exposure to the “big market” of crypto assets. In the current environment where ETH is described as being at a relatively high level rather than at a panic bottom, 0x2684's decision to simultaneously increase its holdings in ETH and WBTC and keep them concentrated, without pursuing quick returns to exchanges, can easily be interpreted by the market as a mid-to-long-term allocation behavior towards the entire leading crypto asset segment, rather than a speculative short-term bet only around the price fluctuations of any particular public chain.
Addresses and Time Points to Watch Going Forward
Considering the current visible signals, as of July 10, 2026, the wallet suspected to be controlled by Bitmine has increased its holdings by approximately 20,500 ETH, while whale address 0x2684 has cumulatively concentrated around 34,577 ETH and 250 WBTC in the last ten days. This indicates that, during the phase when ETH is described as being at a relatively high price, institutions and anonymous whales have shown a consistent pattern of increases in their positions. Looking ahead, two key dimensions are worth monitoring: firstly, whether Bitmine-related addresses will continue to receive cargo from Galaxy Digital and expand the existing net increase of about 20,500 ETH in the coming weeks, or start to transfer some holdings in batches to centralized exchange addresses. The latter would imply that the holding period of this “additional purchase” might approach a cyclical turning point; secondly, whether 0x2684 will persist in the current pattern of “withdrawing from exchanges like Binance and concentrating on-chain holdings” or appear two new types of on-chain paths: one is large amounts of ETH/WBTC flowing back to exchanges, the other is a significant inflow into DeFi protocols (such as collateralized lending, staking, or other smart contract interactions), which will directly change the potential impact of this batch of holdings on the market. It is important to emphasize that on-chain data can only provide insight into “who made what size position adjustments within which price range,” and cannot deduce their real time frames, risk hedging conditions, or target prices. Therefore, the large increases by Bitmine and 0x2684 themselves are merely behavioral signals worth tracking, rather than simple equivalences to definitive price conclusions of expectation for an increase.
Join our community to discuss together and grow stronger!
Exclusive Hyperliquid benefits for AiCoin: https://app.hyperliquid.xyz/join/AICOIN88
Exclusive Aster benefits for AiCoin: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
