BitMine Capitalizes on ETH's Price Drop
Crypto News/Market Trends

BitMine Capitalizes on ETH's Price Drop

BitMine has made another significant investment in Ether as prices decreased from their peak, accumulating over 100,000 ETH valued around $417 million.

BitMine, the notable Ether treasury, has reportedly taken a significant stance in the crypto market by purchasing 104,336 ETH valued at approximately $417 million. This acquisition coincides with Ether’s 20% drop from its all-time high recorded in August.

As detailed by onchain data, BitMine has successfully amassed a treasury that accounts for over 2.5% of Ether’s total supply. New wallets have surfaced in correlation with this transaction as noted by Lookonchain, which revealed that assets were drawn from prominent exchanges, Kraken and BitGo.

“Despite the crypto market crash, Tom Lee still predicts ETH will hit $10,000 by year-end,” Lookonchain stated.

“Malgrado il crollo del mercato cripto, Tom Lee predice ancora che ETH raggiungerà i $10,000 entro la fine dell’anno.”

Earlier in the week, both Tom Lee and Arthur Hayes reaffirmed their bullish outlook on Ether, suggesting a peak price of $10,000 this year.

Blockchain analytic firm Arkham concurs with these trends, stating that three anonymous wallets procured $75 million each in ETH. They noted these buying patterns mirror previous acquisitions by BitMine.

BitMine’s strategy comes on the heels of a broader crypto market downturn, taking advantage of the declining prices with their latest acquisition of 202,037 ETH just days prior, reflecting a larger trend of digital asset treasuries capitalizing on market dips.

With a total holding nearing 3 million ETH, equating to 50% of its treasury goal, BitMine is dramatically influencing the market landscape.

As markets remain volatile, analysts, including Tom Lee, uphold a firm conviction that Ethereum’s value will rebound, with some suggesting a potential rise to $15,000 this cycle.

“Ethereum is mirroring Bitcoin’s trajectory from 2020-2021,” remarked the analyst known as “Rekt Fencer,” adding that “$15,000 for ETH is still on the table this cycle.”

“Ethereum sta seguendo il percorso di Bitcoin del 2020-2021,” ha commentato l’analista conosciuto come “Rekt Fencer,” aggiungendo che “$15,000 per ETH è ancora possibile in questo ciclo.”

With the price for Ether dropping to $3,945 and recovering slightly above the $4,000 mark, investor sentiments are cautiously optimistic regardless of recent market events.

Next article

Australia's Regulatory Body May Have Authority to Limit Crypto ATMs

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!