Bitmine is 39,908 ETH short of owning 5% of all Ether. Does its buying going quiet matter?
The popular read: once the biggest ETH buyer stops, $ETH loses its bid.
Why that may be overstated (Bitmine's Nov 9 filing):
• Holds 6,070,092 ETH, 4.97% of 122.2M supply
• Bought 9,587 ETH last week, roughly $21M at the filing's $2,234 reference price
• 5,227,037 ETH staked, about 86% of the stack
A ~$20M weekly bid is small next to daily ETH volume. The real unknown is what happens after 5%: hold, stake more, or keep adding. The filing doesn't say. Not financial advice.
Has treasury buying moved ETH for you, or is it priced in? #Ethereum
Disclosure: Write to Earn may pay me a commission on cashtag trades.
The popular read: once the biggest ETH buyer stops, $ETH loses its bid.
Why that may be overstated (Bitmine's Nov 9 filing):
• Holds 6,070,092 ETH, 4.97% of 122.2M supply
• Bought 9,587 ETH last week, roughly $21M at the filing's $2,234 reference price
• 5,227,037 ETH staked, about 86% of the stack
A ~$20M weekly bid is small next to daily ETH volume. The real unknown is what happens after 5%: hold, stake more, or keep adding. The filing doesn't say. Not financial advice.
Has treasury buying moved ETH for you, or is it priced in? #Ethereum
Disclosure: Write to Earn may pay me a commission on cashtag trades.