$ETH Down 4% on the Week as Bitmine Plans to Stop Buying at 5%
ETH trades near $2,584, down 1.3% on the day and about 4% on the week, roughly 48% below its all-time high. ETH accounted for about $174M of yesterday's $547M in liquidations.
The bigger story is demand. Tom Lee said Bitmine, holding about 6.02M ETH (4.9% of supply), will stop buying at 5%, roughly 100K ETH away, or six to seven weeks at its ~$41M weekly pace. Losing a steady bid while ETH ETFs see outflows is a real headwind.
I'm bearish short term. Price is under its 3-day average ($2,665). Expect a retest of the $2,538 low while ETH stays below $2,665.
Not financial advice. DYOR.
$ETH
ETH trades near $2,584, down 1.3% on the day and about 4% on the week, roughly 48% below its all-time high. ETH accounted for about $174M of yesterday's $547M in liquidations.
The bigger story is demand. Tom Lee said Bitmine, holding about 6.02M ETH (4.9% of supply), will stop buying at 5%, roughly 100K ETH away, or six to seven weeks at its ~$41M weekly pace. Losing a steady bid while ETH ETFs see outflows is a real headwind.
I'm bearish short term. Price is under its 3-day average ($2,665). Expect a retest of the $2,538 low while ETH stays below $2,665.
Not financial advice. DYOR.
$ETH