$ETH is up just 1% today but one company now owns nearly 5% of all of it.
Price sat between $2,350 and $2,550 all week. Nothing dramatic on the surface.
Underneath that calm, BitMine Immersion just confirmed 5.93 million ETH in holdings, worth over $15 billion. Its chairman Tom Lee is telling anyone who will listen that institutions are about to chase the Q3 run.
ETH did outperform Bitcoin in Q3, so that part checks out. Spot ETH ETFs backed the story too, more than a billion dollars in combined inflows as September opened.
Then one day flipped it. ETFs bled $48 million while Bitcoin funds pulled in $31 million.
So the demand is real, it is just not steady yet. One company buying is not the same as a market buying.
I want two more weeks of ETF data before calling this a trend. What would convince you, more inflows or a clean break above $2,550?
Not financial advice, DYOR.
#ETH #InstitutionalCrypto #BTC #Crypto #Trading
Price sat between $2,350 and $2,550 all week. Nothing dramatic on the surface.
Underneath that calm, BitMine Immersion just confirmed 5.93 million ETH in holdings, worth over $15 billion. Its chairman Tom Lee is telling anyone who will listen that institutions are about to chase the Q3 run.
ETH did outperform Bitcoin in Q3, so that part checks out. Spot ETH ETFs backed the story too, more than a billion dollars in combined inflows as September opened.
Then one day flipped it. ETFs bled $48 million while Bitcoin funds pulled in $31 million.
So the demand is real, it is just not steady yet. One company buying is not the same as a market buying.
I want two more weeks of ETF data before calling this a trend. What would convince you, more inflows or a clean break above $2,550?
Not financial advice, DYOR.
#ETH #InstitutionalCrypto #BTC #Crypto #Trading
