On-chain analyst Ai姨 has identified a new address likely owned by Bitmain, which recently received 24,007 ETH from Galaxy Digital's OTC desk. This acquisition increases Bitmain's total ETH holdings to a staggering 3,529,000 ETH, valued at approximately $12.84 billion. This strategic move to average down its Ethereum holdings has significantly impacted Bitmain's unrealized loss, reducing it to $658 million. Averaging down is a common investment strategy where investors purchase more of an asset when its price decreases, lowering the average purchase price. By acquiring more ETH at a lower price point, Bitmain is mitigating the impact of previous, higher-priced purchases. This signals Bitmain's continued confidence in Ethereum's long-term potential despite current market volatility. The implications of such a large ETH position by Bitmain are far-reaching and could influence market sentiment. ```