4.9%. Not 5
On October 13, I promised to open Bitmine’s next report and say whether they’d reached 5% of the total $ETH . I opened it. They haven’t: as of October 18, they had 6041481 ETH, still 63519 ETH short of 5%.
What stands out more than the purchase itself of 12535 ETH:
Staked ETH is still 5067309. October 4, October 11, October 18 — the same number each time. The recent purchases aren’t going into staking.
Cash: $643M on October 4, $612M on October 11, $582M now. They’re buying out of their reserves; the reports show no new money coming in.
And the pace has slowed: 15112 ETH in the week leading up to October 4, now 12535. Tom Lee has already said they’ll stop buying once they hit 5%. At this pace, that’s a matter of a few weeks, and the weekly ETH buyer will simply leave the market.
I’m not holding ETH myself; I’m just watching from the sidelines. I’m waiting for one line in the report: 6105000 ETH. That’ll be the stop.
#Bitmine #ETH
On October 13, I promised to open Bitmine’s next report and say whether they’d reached 5% of the total $ETH . I opened it. They haven’t: as of October 18, they had 6041481 ETH, still 63519 ETH short of 5%.
What stands out more than the purchase itself of 12535 ETH:
Staked ETH is still 5067309. October 4, October 11, October 18 — the same number each time. The recent purchases aren’t going into staking.
Cash: $643M on October 4, $612M on October 11, $582M now. They’re buying out of their reserves; the reports show no new money coming in.
And the pace has slowed: 15112 ETH in the week leading up to October 4, now 12535. Tom Lee has already said they’ll stop buying once they hit 5%. At this pace, that’s a matter of a few weeks, and the weekly ETH buyer will simply leave the market.
I’m not holding ETH myself; I’m just watching from the sidelines. I’m waiting for one line in the report: 6105000 ETH. That’ll be the stop.
#Bitmine #ETH