Bitmain Withdraws $170M Ether Amid Institutional Treasury Buying Slowdown

Since the October 10 crypto market downturn, there has been a significant slowdown in Bitcoin and Ethereum buying activity among major digital asset treasury companies (DATs), signaling cautious sentiment and fragility in the market. Coinbase Institutional's David Duong highlighted that Bitcoin purchases by these large players are near year-to-date lows, with many institutional investors largely absent, contributing to market instability. In contrast, Ethereum buying has remained more active, primarily driven by BitMine Immersion Technologies, which has spent over $1.9 billion acquiring nearly 483,000 ETH, providing crucial market support. However, experts warn that if BitMine reduces its purchasing, the corporate demand for Ethereum could quickly evaporate, further exposing market vulnerabilities. Meanwhile, some firms like American Bitcoin and Strategy have recently increased Bitcoin holdings, challenging the broader trend of institutional withdrawal. Overall, the cautious stance of most large treasury companies reflects limited confidence in a near-term recovery amid ongoing market uncertainty.