Ethereum reserve company BitMine announced another purchase of ETH, with total holdings reaching 3.24 million Ether, and total asset value of 13.4 billion USD. Chairman Tom Lee stated that considering the upcoming super cycle for Ethereum, the current price discrepancy is quite attractive. BMNR surged nearly 8% yesterday, closing at 53.8 USD.
BitMine bottomed out on ETH, with total holdings reaching 3.24 million coins.
BitMine revealed its latest cryptocurrency holdings yesterday. As of October 19, BitMine holds assets worth $13.4 billion, including:
3,236,014枚 ETH
192 BTC
$119 million of Eightco Holdings stock (ORBS)
$219 million in unallocated cash
BitMine Chairman Tom Lee stated:
“Last week, the cryptocurrency market experienced one of the largest deleveraging events in history, which put downward pressure on the price of ETH. Considering the upcoming super cycle for Ethereum, this price dislocation represents a quite attractive risk-reward ratio. BitMine increased its holdings by 203,203 ETH tokens last week, bringing our total ETH holdings to 3.24 million coins, accounting for 2.7% of the total ETH supply.”
ETH has formed a W bottom structure, and BMNR has surged nearly 8%.
John Bollinger, the founder of the Bollinger Bands indicator, recently posted that the price performance of Ethereum (ETH) and Solana (SOL) is showing a potential “W bottom” structure. This is usually a reversal signal, indicating a potential upward trend. Tom Lee also commented below expressing his attention.
Tom Lee is optimistic about the stock market and the trends of Bitcoin and Ether in the long term. According to his estimates, ETH is expected to challenge 10,000 USD by the end of the year, with a target price of 60,000 USD by 2030.
(Tom Lee: The market cap of DAT is expected to exceed 5 trillion USD by 2030, and ETH will challenge 60,000 USD)
BitMine's stock price surged nearly 8% yesterday, closing at $53.8.
According to Arkham's data, BitMine purchased a total of $250 million in ETH from Bitgo and Kraken just a few hours ago.
This article discusses the current W bottom reversal signal for Ether, with BitMine seizing 200,000 ETH in a week, first reported by Chain News ABMedia.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Whale billΞ.eth Purchases 7,769 ETH Worth $17.46 Million
Gate News bot message, Whale billΞ.eth (@0xbilly) purchased 7,769 $ETH for $17.46 million at a price of $2,248 in the past 3 hours.
GateNews7m ago
Bitcoin Breaks Through $73,000! Outperforms Gold Amid US-Iran War, EF Sells 10.2 Million ETH
Bitcoin recently broke through $73,000 with strong performance, decoupling from tech stocks and gold. Analysts predict that if the market stabilizes, it could rise to $75,000 to $80,000. However, geopolitical risks and extremely fearful market sentiment continue to pressure prices. Meanwhile, the Ethereum Foundation sold Ether for approximately $10.2 million to maintain operations.
CryptoCity28m ago
A newly created address withdrew 20,000 ETH from a certain CEX, worth approximately $44.83 million.
Gate News reported that on March 16, Lookonchain monitoring showed that a newly created address just withdrew 20,000 ETH from a certain CEX, valued at approximately $44.83 million.
GateNews32m ago
On-chain activity is exploding, but Ethereum can't seem to gain momentum? Experts reveal the "fatal weakness": could drop to $1,500
CryptoQuant's latest report indicates that Ethereum is facing an "adoption paradox," where network activity reaches new highs, but the token price continues to decline. Analysts predict that if the bear market persists, Ether could fall to $1,500. Despite thriving on-chain activity, it has decoupled from the token price, and the high proportion of Ether flowing into exchanges suggests heavy selling pressure and weak investment demand.
区块客38m ago
Ledger Executive: If the US Bans Stablecoin Yields, Other Countries May Fill the Regulatory Gap
Ledger Asia-Pacific Head Shibayama stated that if the US implements a stablecoin yield ban, international discussions will increase. Countries like Australia have already provided regulatory exemptions, and currently most stablecoins do not offer yields to users. US regulatory bill progress has been slow due to opposition to prohibition clauses supported by the banking industry. Asian financial institutions' focus has shifted toward financial product tokenization and stablecoin issuance, rather than crypto-native products like DeFi.
GateNews48m ago
Will stablecoin yields be banned by the US? Ledger executive warns: the global regulatory landscape may be reshaped
Ledger's Asia-Pacific head Shibayama stated that if the US bans stablecoin yield distribution, it will trigger a new global cryptocurrency regulatory landscape, with some countries potentially introducing more attractive policies. The Asian market focuses more on blockchain infrastructure and tokenization of financial products, while large institutions show less interest in direct cryptocurrency asset investments. As regulation improves, institutional investors are becoming more cautious when selecting custodial service providers.
GateNews50m ago
