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New Wallets Withdraw $253 Million in ETH from Bitgo and Kraken

Onchain Lens tracks over 63,000 ETH being moved to wallets linked to Bitmine, signaling a major asset shift from custodial platforms.

ETH

Summary

On October 21, 2025, Onchain Lens reported the withdrawal of 63,539 ETH (worth about $253 million) from Bitgo and Kraken. The funds were transferred to newly created wallets, likely associated with Bitmine. The wallet addresses involved are 0x5c9244E0C43403D2F8bD6F9757c51F582Fb3004F, 0x4A9775F32f82a44Dd0eC529a9734f48Fd3B514D5, and 0x8Af012303a016EcA3C6ebEEF6Ec36bDB2E576D13.

Terms & Concepts
  • ETH (Ethereum): A leading blockchain-based cryptocurrency used for decentralized applications and smart contracts.
  • Onchain Analysis: The process of analyzing blockchain transaction data to track movements and activities of crypto assets.
  • Custodial Platform: A service that holds cryptocurrency assets on behalf of users, providing storage and security features.