🤑 Stock Update 22:53
The buyback just wrapped up, and BMNR turned around and plunged 9.37% in a day. Latest price: 24.47, hovering just above the session low of 24.44.
📉 BMNR BitMine -9.37%
First, the price action. The latest price is 24.47. Over the past 24 hours, it reached a high of 27.13 and a low of 24.44. The price is now pinned near the very bottom of that range, having been sold off all the way down from its high, with no meaningful bounce so far. 24-hour trading volume was 43.8 million USDT. There was real, substantial turnover throughout the decline—this drop came with actual selling.
Now, why did it happen? BitMine had three news items over the past few hours:
1⃣ 2 hours ago, Stock Titan reported that BitMine had completed its 21 million share buyback.
2⃣ 3 hours ago, CoinGape reported that Tom Lee said BitMine would stop buying ETH once it reached its target share of the supply.
3⃣ 4 hours ago, bloomingbit reported that Tom Lee said the tokenization “supercycle” is beginning, and that he believes traditional finance will be fully tokenized within 10 years.
The second item is what really weighed on the price. The story behind BMNR has always been that “this company keeps buying ETH.” Part of the price the market gives it reflects the bet that it will keep buying. This time, Tom Lee himself spelled out the endpoint. They’re still buying for now, but the possibility that “they’ll stop” is now on the table. That’s something with a lasting impact, not just a one-day sentiment shift.
The first item makes the picture even clearer. With the buyback complete, the company’s own buying support for the stock is also gone. On one side, the ETH buyer has said there’s an endpoint; on the other, the buyer of its own stock has just finished buying. Both sources of sustained buying now have an end date, so sellers naturally aren’t in a hurry to wait. The third item is about the long-term direction over the next 10 years, which operates on a different timescale from today’s sell-off. A story about 10 years from now can’t rescue today’s 9.37% decline.
🎯 How to read this
The statement about stopping ETH purchases is a genuinely bearish catalyst. A 9.37% decline is in line with its significance, and for now, there’s no clear sign the drop has gone too far.
If the price gets back above 27.13, that would mean the market treated the prospect of stopping purchases as only a temporary sentiment issue—and this assessment would be wrong.
Watch the session low of 24.44. A break below it would indicate that sellers aren’t done selling yet.
With the price stuck near 24.44, has the selling on the “stop buying” statement run its course, or is someone waiting for a break below 24.44 to trigger another round of selling?
The above is for personal sharing only and does not constitute investment advice.
$BMNR
The buyback just wrapped up, and BMNR turned around and plunged 9.37% in a day. Latest price: 24.47, hovering just above the session low of 24.44.
📉 BMNR BitMine -9.37%
First, the price action. The latest price is 24.47. Over the past 24 hours, it reached a high of 27.13 and a low of 24.44. The price is now pinned near the very bottom of that range, having been sold off all the way down from its high, with no meaningful bounce so far. 24-hour trading volume was 43.8 million USDT. There was real, substantial turnover throughout the decline—this drop came with actual selling.
Now, why did it happen? BitMine had three news items over the past few hours:
1⃣ 2 hours ago, Stock Titan reported that BitMine had completed its 21 million share buyback.
2⃣ 3 hours ago, CoinGape reported that Tom Lee said BitMine would stop buying ETH once it reached its target share of the supply.
3⃣ 4 hours ago, bloomingbit reported that Tom Lee said the tokenization “supercycle” is beginning, and that he believes traditional finance will be fully tokenized within 10 years.
The second item is what really weighed on the price. The story behind BMNR has always been that “this company keeps buying ETH.” Part of the price the market gives it reflects the bet that it will keep buying. This time, Tom Lee himself spelled out the endpoint. They’re still buying for now, but the possibility that “they’ll stop” is now on the table. That’s something with a lasting impact, not just a one-day sentiment shift.
The first item makes the picture even clearer. With the buyback complete, the company’s own buying support for the stock is also gone. On one side, the ETH buyer has said there’s an endpoint; on the other, the buyer of its own stock has just finished buying. Both sources of sustained buying now have an end date, so sellers naturally aren’t in a hurry to wait. The third item is about the long-term direction over the next 10 years, which operates on a different timescale from today’s sell-off. A story about 10 years from now can’t rescue today’s 9.37% decline.
🎯 How to read this
The statement about stopping ETH purchases is a genuinely bearish catalyst. A 9.37% decline is in line with its significance, and for now, there’s no clear sign the drop has gone too far.
If the price gets back above 27.13, that would mean the market treated the prospect of stopping purchases as only a temporary sentiment issue—and this assessment would be wrong.
Watch the session low of 24.44. A break below it would indicate that sellers aren’t done selling yet.
With the price stuck near 24.44, has the selling on the “stop buying” statement run its course, or is someone waiting for a break below 24.44 to trigger another round of selling?
The above is for personal sharing only and does not constitute investment advice.
$BMNR