BitMine bought 8,573 ETH this week, and some account went straight to shouting "STACKING ETH LIKE NEVER BEFORE." I actually laughed out loud.
That number is about 0.14% of its total holdings of 6.06 million ETH. Even Unchained wrote that it was the smallest purchase in several of its recent weekly reports. About $19.4 million at an average price of $2,261—compared with the hundreds of millions it was spending every few months before, calling this "unprecedented"? It looks more like tapping the brakes.
There’s another detail nobody’s sharing: it didn’t add a single coin to its staked holdings last week, which remain at 5,227,037 ETH. The newly bought coins are just sitting there.
Tom Lee called the market’s reaction after Binance was hacked "very constructive." Bro, you’re the chairman of the biggest ETH treasury in the market, with 6 million coins in your hands. Of course you’d call it constructive. People see things from their own perspective; take it with a grain of salt.
Then there’s that 5% target. It’s around 4.9% now, and some people are saying that buying stops once it reaches 5%. If that day comes, the steady weekly buying will disappear—who’s going to step in? Everyone treats BitMine as ETH’s floor, but the floor itself is shrinking. That’s what we should be watching in the weekly report.
Don’t focus on the headline; look at the incremental buying. It’s getting smaller, while the shilling is getting louder. When those two things happen together, I usually trim my position a little.
#ETH #BitMine
That number is about 0.14% of its total holdings of 6.06 million ETH. Even Unchained wrote that it was the smallest purchase in several of its recent weekly reports. About $19.4 million at an average price of $2,261—compared with the hundreds of millions it was spending every few months before, calling this "unprecedented"? It looks more like tapping the brakes.
There’s another detail nobody’s sharing: it didn’t add a single coin to its staked holdings last week, which remain at 5,227,037 ETH. The newly bought coins are just sitting there.
Tom Lee called the market’s reaction after Binance was hacked "very constructive." Bro, you’re the chairman of the biggest ETH treasury in the market, with 6 million coins in your hands. Of course you’d call it constructive. People see things from their own perspective; take it with a grain of salt.
Then there’s that 5% target. It’s around 4.9% now, and some people are saying that buying stops once it reaches 5%. If that day comes, the steady weekly buying will disappear—who’s going to step in? Everyone treats BitMine as ETH’s floor, but the floor itself is shrinking. That’s what we should be watching in the weekly report.
Don’t focus on the headline; look at the incremental buying. It’s getting smaller, while the shilling is getting louder. When those two things happen together, I usually trim my position a little.
#ETH #BitMine