Bitmine-linked address withdraws $48.9M in ETH

• A Bitmine-linked address withdrew 20,000 Ethereum worth about $48.89 million from Kraken.
• The address made the withdrawal over about 50 minutes, according to on-chain data.
• The address is believed to be linked to Bitmine, but the company has not been confirmed as its owner.

A newly created address withdrew 20,000 Ethereum (CRYPTO:ETH) worth about $48.89 million from Kraken.

Blockchain analyst ai_9684xtpa flagged the transaction and linked the address to Bitmine based on available data.

The address withdrew the Ethereum over about 50 minutes, according to the report.

BitcoinWorld reported that Bitmine holds 5,847,611 ETH at an average purchase price of $3,359.

The report estimated Bitmine’s unrealised losses at $5.27 billion based on current market prices.

BitcoinWorld said the withdrawal is small compared with Bitmine’s reported holdings, without confirming its purpose.

The report said exchange withdrawals can reflect transfers to private wallets, but the transaction does not confirm an intention to hold or sell.

At the time of reporting, Ethereum price was $2,463.96.