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.
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