【ETH falls back into the $2,400 range】
The biggest buyer, $ETH , may have only six or seven weeks of ammunition left.
There are just 3 things you need to know:
1️⃣ Price: According to TokenPost, Binance ETH/USDT fell 4.27% in the 4 hours before 8:09 a.m. Beijing time today, hitting a low of $2,418. During the same period, liquidations of long positions were significantly higher than those of short positions.
2️⃣ Buying: Bitmine bought another 12,532 ETH last week, bringing its total holdings to about 6.029 million ETH, or roughly 4.9% of the total supply.
3️⃣ Countdown: Tom Lee previously said they would stop buying once they reached 5%. They’re still about 100,000 ETH short, which would take roughly 6–7 weeks at last week’s pace.
My take: The market is pricing in the possibility that a steady source of buying will disappear. This drop isn’t entirely sentiment-driven; for a rebound, the first thing to watch is whether ETH can reclaim $2,500.
Invalidation: If ETH regains and holds above $2,500 on the 4-hour timeframe, that would indicate selling pressure has been absorbed, and this bearish view would be wrong.
After Bitmine stops buying, who will step in to buy ETH?
Sources: CoinDesk, TokenPost
$ETH #以太坊 #ETH
#Binance Square
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.
The biggest buyer, $ETH , may have only six or seven weeks of ammunition left.
There are just 3 things you need to know:
1️⃣ Price: According to TokenPost, Binance ETH/USDT fell 4.27% in the 4 hours before 8:09 a.m. Beijing time today, hitting a low of $2,418. During the same period, liquidations of long positions were significantly higher than those of short positions.
2️⃣ Buying: Bitmine bought another 12,532 ETH last week, bringing its total holdings to about 6.029 million ETH, or roughly 4.9% of the total supply.
3️⃣ Countdown: Tom Lee previously said they would stop buying once they reached 5%. They’re still about 100,000 ETH short, which would take roughly 6–7 weeks at last week’s pace.
My take: The market is pricing in the possibility that a steady source of buying will disappear. This drop isn’t entirely sentiment-driven; for a rebound, the first thing to watch is whether ETH can reclaim $2,500.
Invalidation: If ETH regains and holds above $2,500 on the 4-hour timeframe, that would indicate selling pressure has been absorbed, and this bearish view would be wrong.
After Bitmine stops buying, who will step in to buy ETH?
Sources: CoinDesk, TokenPost
$ETH #以太坊 #ETH
#Binance Square
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.