In a short span of 24 hours, Ethereum has seen an impressive influx of nearly $280 million in newly created wallets. This surge comes amidst the asset’s tight trading range near its yearly highs, raising questions about whether this is just a strategic accumulation phase or a harbinger of larger bullish momentum. On-chain analysis suggests that Bitmine, known for significant Ethereum holdings, played a key role in this accumulation spree. 24-hour data reveals a $279.5 million buy operation by three newly created addresses linked to Bitmine, pushing their total ETH position to over $5.2 billion. Meanwhile, the on-chain picture paints a mixed story: Ethereum reserves on exchanges are declining while OTC desks report increasing shortages. This dynamic could lead to a supply squeeze and open the door for a new wave of bullish price action in ETH.