The post BitMine Accumulates ETH Despite Market Decline appeared on BitcoinEthereumNews.com. Key Points: BitMine continues aggressive ETH purchases, bringing holdings to nearly 3.6 million, representing close to 3% of the circulating supply. Market reacts to BitMine’s ETH acquisition strategy with price volatility. Unexpected corporate strategies influence market dynamics, emphasizing liquidity concerns highlighted by Chairman Thomas Lee. Tom Lee’s BitMine Immersion Technologies continues its aggressive Ethereum acquisition strategy, receiving over 24,827 ETH from BitGo, strengthening its position as the largest corporate holder. This significant acquisition amid declining prices highlights BitMine’s confidence in Ethereum’s long-term potential, potentially influencing market dynamics and corporate cryptocurrency strategies. BitMine’s Strategy: Aiming for 5% of Ethereum’s Supply Chairman Thomas Lee’s statements reflect a bullish outlook, drawing parallels to Bitcoin’s “Supercycle.” He anticipates a similar upward trend for Ethereum, although no other major public statements from key opinion leaders have emerged specifically responding to this strategy. When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market…This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today. – Thomas Lee, Chairman, BitMine Immersion Technologies When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market…This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today. – Thomas Lee, Chairman, BitMine Immersion Technologies Ethereum Market Dynamics: Price and Corporate Influence Did you know? BitMine’s strategy mirrors past trends, as MicroStrategy once acquired 8,178 Bitcoin, achieving a similar market share, pointing to a broader movement of corporate crypto adoption.… The post BitMine Accumulates ETH Despite Market Decline appeared on BitcoinEthereumNews.com. Key Points: BitMine continues aggressive ETH purchases, bringing holdings to nearly 3.6 million, representing close to 3% of the circulating supply. Market reacts to BitMine’s ETH acquisition strategy with price volatility. Unexpected corporate strategies influence market dynamics, emphasizing liquidity concerns highlighted by Chairman Thomas Lee. Tom Lee’s BitMine Immersion Technologies continues its aggressive Ethereum acquisition strategy, receiving over 24,827 ETH from BitGo, strengthening its position as the largest corporate holder. This significant acquisition amid declining prices highlights BitMine’s confidence in Ethereum’s long-term potential, potentially influencing market dynamics and corporate cryptocurrency strategies. BitMine’s Strategy: Aiming for 5% of Ethereum’s Supply Chairman Thomas Lee’s statements reflect a bullish outlook, drawing parallels to Bitcoin’s “Supercycle.” He anticipates a similar upward trend for Ethereum, although no other major public statements from key opinion leaders have emerged specifically responding to this strategy. When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market…This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today. – Thomas Lee, Chairman, BitMine Immersion Technologies When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market…This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today. – Thomas Lee, Chairman, BitMine Immersion Technologies Ethereum Market Dynamics: Price and Corporate Influence Did you know? BitMine’s strategy mirrors past trends, as MicroStrategy once acquired 8,178 Bitcoin, achieving a similar market share, pointing to a broader movement of corporate crypto adoption.…