On-chain monitoring data shows that major participant in the Ethereum ecosystem, Bitmine, has recently made a large move. According to analyst Yu Yan's tracking, this institution bought 24,068 ETH in a single transaction through FalconX within the past 10 hours, spending approximately $80.57 million.

What’s even more noteworthy is their staking activity. Bitmine has been actively promoting ETH staking recently, with a total of over 1.7 million ETH staked so far, which is roughly $5.65 billion in value. This staked ETH accounts for 40% of their total ETH holdings (4.17 million ETH), meaning that for every two ETH they hold, one is participating in staking.

From this perspective, it’s clear that Bitmine considers ETH staking an important part of their long-term asset allocation strategy. They continue to increase their holdings while steadily staking, revealing confidence in ETH’s medium to long-term prospects.