- BitMine holds strong on Ethereum
- Ethereum retests $2,700
In a move that continues to establish its position as the largest Ethereum treasury in the world, BitMine Immersion Technologies (BMNR) has continued to grow its rapidly increasing Ethereum holdings.
On Friday, December 19, data provided by popular CryptoQuant analyst Maartun shows that the publicly traded, Ethereum-focused company chaired by Tom Lee has added more than $300 million worth of ETH to its treasury over the last seven days.
This incredibly bullish move has caught the eyes of market participants because the purchases happened during one of the market’s weakest periods, highlighting BitMine’s strong resilience even in the face of uncertainty.
BitMine holds strong on Ethereum
Notably, the analyst shared charts showcasing steady, large inflows into crypto wallets linked to BitMine accounts throughout the last week.
While the market faced prolonged corrections during the period, the inflows showed large hourly balance increases coinciding with periods of market weakness.
Per the data, the accumulation occurred despite Ethereum retesting the $2,700 level, slipping from recent highs above $3,300. This comes as no major surprise, as BitMine has always viewed crypto market pullbacks as a potential buying opportunity rather than a sell-off signal.
During the week, BitMine made repeated large Ethereum purchases, some exceeding 30,000 ETH in a single hour. With moves like these, BitMine continues to reaffirm its bullish stance and its commitment to executing a long-term treasury strategy.
As often stated by its chairman, Tom Lee, BitMine strongly believes in taking advantage of volatility to build its rapidly growing Ethereum reserve at more favorable prices.
Ethereum retests $2,700
Despite showing signs of a brief resurgence earlier today, Ethereum traded lower for most of the day, retesting $2,777, a level not seen for over two weeks.
While Ethereum has continued to show mixed price action, investors remain uncertain about whether there is still a major rebound ahead before the year wraps up.
Nonetheless, Ethereum is flashing signs of a potential rebound again, showing a decent increase of 1.33% over the last 24 hours and trading at $2,981 as of writing time.
Source: https://u.today/bitmine-tops-up-treasury-with-300-million-in-ethereum
