BitMine Buys Ethereum Worth $145 Million to Boost Treasury
Analysis
Price Impact
MedA large purchase by a significant holder like bitmine can signal confidence and potentially increase demand, but the market momentum is currently weak, suggesting a muted immediate impact.
Trustworthiness
HighPrice Direction
BullishThe continuous accumulation by a major player, despite market volatility, suggests a long-term bullish conviction and a belief in future price appreciation.
Time Effect
LongThis accumulation is a strategic move by bitmine to increase their holdings, indicating a long-term outlook on ethereum's value rather than a short-term speculative trade.
Original Article:
Article Content:
Cover image via U.Today BitMine buys 67,111 ETH BitMine about to acquire 4% of ETH supply Advertisement The world’s largest Ethereum treasury, BitMine, has continued to stack up on Ethereum despite growing uncertainties surrounding the asset’s price potential, as it continues to show mixed price action amid weak market momentum. While the company’s chairman, Tom Lee, has often advocated for relentless buying regardless of market conditions, BitMine has continued to expand its Ethereum treasury in the face of several volatilities. BitMine buys 67,111 ETH Following its commitment to doubling down on the second largest cryptocurrency by market capitalization, BitMine purchased an additional 67,111 ETH on Wednesday, March 25. HOT Stories 120 Billion SHIB: Unknown Whale Aggressively Expands Shiba Inu Portfolio, Trader Who Predicted 700% XRP Boom Breaks Down Bitcoin Price Situation, Jim Cramer Questions Crypto in True Crisis: Morning Crypto Report Ripple's Schwartz Rejects Fake Discounts for XRP Based on Ethereum’s trading price at the time the transactions were executed, the latest purchase was worth about $145 million. Advertisement While the latest ETH acquisition has significantly boosted BitMine’s fast-expanding Ethereum treasury, the company’s total Ethereum holdings have now reached a massive 4.66 million ETH, worth about $10 billion at current market prices. BitMine’s acquisition came at a time when the asset has slowed down from its recent price rally, showing a decent decrease of 0.23% in its price over the past day. BitMine about to acquire 4% of ETH supply With its steady Ethereum purchases, BitMine is gradually moving closer to taking over 4% of Ethereum’s total supply. Its Ethereum holdings, as of now, currently account for 3.86% Ethereum’s circulating supply. Advertisement At its current Ethereum accumulation pace, the crypto community expects that BitMine will eventually acquire 4% of Ethereum’s total supply before the month runs out, or by April, as only $359 million worth of Ethereum is needed to hit the target. #Bitmine #Ethereum #Tom Lee