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Cryptoprowl.com / Bitmine Immersion Technologies (NYSE: $BMNR ), the serial cryptocurrency acquirer run by investor Tom Lee, has moved about 9,600 Ethereum (CRYPT: $ETH ) to Coinbase Prime's (NASDAQ: $COIN ) hot wallets.

The move was executed in two stages. The first transfer sent 5,300 ETH worth $10.75 million U.S. to Coinbase Prime. The second batch of 4,308 ETH worth $8.74 million U.S. followed shortly afterwards.

The transfers could indicate that Bitmine is preparing to sell the Ethereum as the price rebounds back above the key support level of $2,000 U.S.

Large on-chain transfers often make investors nervous as they raise fears of a looming sale. However, some analysts caution that the timing of any sale is not known.

The transfer to the hot wallet comes after Bitmine reported its largest weekly Ethereum purchase of 2026, buying 60,976 ETH and bringing its total holdings above 4.5 million cryptocurrencies.

Bitmine Chairman Tom Lee said the firm was increasing its buying as it believes cryptocurrencies are now in the "late stages of a mini-crypto winter."

Other analysts say that moving Ethereum to Coinbase Prime doesn't mean Bitmine is planning to sell any digital assets.

Prime is Coinbase's institutional custody and trading platform, and transfers there could reflect internal rebalancing, staking operations, or collateral management, say the analysts.

With Ethereum's price having been cut in half since last August, BitMine is currently sitting on an estimated loss of $7.8 billion U.S. on its ETH position.

Ethereum is currently trading at $2,050.00 U.S.