$ETH ETH fell to $2,581, but its biggest buyer announced it would buy about 100,000 more and then stop 🛑
According to Cointelegraph, Tom Lee said today at TOKEN2049 that BitMine holds about 6 million ETH (around 4.9% of the supply), with 5% as a “hard cap.”
ETFs are also bleeding: citing SoSoValue data, the report said U.S. spot Ethereum ETFs saw net outflows of about $408 million over six consecutive trading days. On October 6 alone, outflows totaled about $202 million, all from BlackRock’s ETHA.
Binance data (10-07 19:01): ETH fell 4.9% over 24 hours; the 4-hour RSI was 20.9, and the MA50 was at 2,547.
A rough estimate puts BitMine’s remaining buying power at about $260 million—roughly equal to one day of ETF outflows.
1️⃣ If ETH holds 2,547 and reclaims 2,685, the oversold-bounce scenario is in play;
2️⃣ If the daily candle closes below 2,547, the rebound thesis fails, with the next reference point at the 30-day low of 2,359.
With its most reliable buyer stepping back, who will be the next buyer of ETH?
Source: Cointelegraph
$ETH #以太坊ETF #BitMine
#BinanceSquare
⚠️ The above is a summary of information and a personal opinion. It does not constitute investment advice. DYOR.
According to Cointelegraph, Tom Lee said today at TOKEN2049 that BitMine holds about 6 million ETH (around 4.9% of the supply), with 5% as a “hard cap.”
ETFs are also bleeding: citing SoSoValue data, the report said U.S. spot Ethereum ETFs saw net outflows of about $408 million over six consecutive trading days. On October 6 alone, outflows totaled about $202 million, all from BlackRock’s ETHA.
Binance data (10-07 19:01): ETH fell 4.9% over 24 hours; the 4-hour RSI was 20.9, and the MA50 was at 2,547.
A rough estimate puts BitMine’s remaining buying power at about $260 million—roughly equal to one day of ETF outflows.
1️⃣ If ETH holds 2,547 and reclaims 2,685, the oversold-bounce scenario is in play;
2️⃣ If the daily candle closes below 2,547, the rebound thesis fails, with the next reference point at the 30-day low of 2,359.
With its most reliable buyer stepping back, who will be the next buyer of ETH?
Source: Cointelegraph
$ETH #以太坊ETF #BitMine
#BinanceSquare
⚠️ The above is a summary of information and a personal opinion. It does not constitute investment advice. DYOR.