An institution bought up 12,500 ETH in a week
Bitmine added another 12,535 ETH to its holdings last week, bringing its total to 6.04 million ETH, or 4.9% of the total ETH supply. It also has $582 million in cash and marketable securities.
This holding is already approaching lock-up scale. A 4.9% share of the circulating supply means spot market depth is being steadily drained. The price hasn’t rallied in response, which suggests that overhead bagholders and short-term profit-takers are selling at the same time. ETH will likely continue trading sideways within a range while accumulating in the short term. A pullback to the lower end of the range could be an opportunity to scale in, while chasing it near the upper end could leave you burned. It’s too early to call it a trend until price breaks above the previous high and holds there on strong volume.
Are you gradually following the institutions in, or waiting for a confirmed breakout before jumping on board?
$ETH $BTC $ARB
Bitmine added another 12,535 ETH to its holdings last week, bringing its total to 6.04 million ETH, or 4.9% of the total ETH supply. It also has $582 million in cash and marketable securities.
This holding is already approaching lock-up scale. A 4.9% share of the circulating supply means spot market depth is being steadily drained. The price hasn’t rallied in response, which suggests that overhead bagholders and short-term profit-takers are selling at the same time. ETH will likely continue trading sideways within a range while accumulating in the short term. A pullback to the lower end of the range could be an opportunity to scale in, while chasing it near the upper end could leave you burned. It’s too early to call it a trend until price breaks above the previous high and holds there on strong volume.
Are you gradually following the institutions in, or waiting for a confirmed breakout before jumping on board?
$ETH $BTC $ARB