BitMine added another 10,452 ETH to its stash this week, but to be fair, the news isn’t as exciting as the headline makes it sound.
The company now holds over 6 million ETH, nearly 5% of the entire supply. Its self-imposed target is 5%, and it’s now just a little short.
They’ve been buying every week since last June without missing a week. As ETH has slid over the past year or so, this steady buyer has been there to catch it.
The thing is, once they hit 5%, they probably won’t be buying much anymore. This week, they’ve already started moving money elsewhere: last week, they spent over $45 million buying back their own stock.
There’s a positive side, too. They’ve staked more than 80% of the over 6 million ETH they hold to earn yield, and have no intention of selling it.
So that supply won’t come flooding onto the market. It just means there’ll be one less buyer pushing prices up every week. From here, we’ll have to see whether ETH can attract new buyers.
ETH is now around 2,315 USDT, while Bitcoin is stuck chopping around $80,000. Dachao’s take is that if Bitcoin doesn’t lead the way up, ETH will have a hard time making its own move in the short term. Most likely, it’ll trade sideways for a while.
Tom Lee is still calling it the start of a bull market. But this week, most of his company’s money went toward buying its own stock. Make of that what you will, guys. #BitMine增持10452枚ETH
$ETH
The company now holds over 6 million ETH, nearly 5% of the entire supply. Its self-imposed target is 5%, and it’s now just a little short.
They’ve been buying every week since last June without missing a week. As ETH has slid over the past year or so, this steady buyer has been there to catch it.
The thing is, once they hit 5%, they probably won’t be buying much anymore. This week, they’ve already started moving money elsewhere: last week, they spent over $45 million buying back their own stock.
There’s a positive side, too. They’ve staked more than 80% of the over 6 million ETH they hold to earn yield, and have no intention of selling it.
So that supply won’t come flooding onto the market. It just means there’ll be one less buyer pushing prices up every week. From here, we’ll have to see whether ETH can attract new buyers.
ETH is now around 2,315 USDT, while Bitcoin is stuck chopping around $80,000. Dachao’s take is that if Bitcoin doesn’t lead the way up, ETH will have a hard time making its own move in the short term. Most likely, it’ll trade sideways for a while.
Tom Lee is still calling it the start of a bull market. But this week, most of his company’s money went toward buying its own stock. Make of that what you will, guys. #BitMine增持10452枚ETH
$ETH