ChainCatcher reported that, according to Arkham monitoring, a newly created whale address identified as 0x17A withdrew approximately $41 million worth of Ether from custody provider BitGo. Because the address was newly created and the transfer involved a large amount of ETH coming from a custody institution, the transaction has been categorized as a whale fund movement.
The report noted that the inflow pattern of this transaction shows similarities to previous fund-buying behavior associated with Bitmine, which is under Tom Lee. Arkham’s on-chain monitoring highlights the movement as a sizable Ether withdrawal rather than a small ordinary transfer, with funds moving into the new address from BitGo.
Given the transaction size of about $41 million and the resemblance to earlier Bitmine-linked buying behavior, the transfer has led to discussion around “institution-style continuous buying.” The available information is based on Arkham’s on-chain monitoring and ChainCatcher’s report, with the main focus on the new whale address 0x17A, the BitGo withdrawal, and the similarities to Bitmine’s previous activity.