🏦 ETH falls below $2,000—is Bitmine still buying? What are its 6.07 million ETH worth now?
📌 What happened
In an announcement on November 9, Bitmine disclosed that it held 6,070,092 ETH as of November 8, representing 4.97% of the 122 million ETH total supply it cited—just one step away from the 5% target set by Tom Lee.
📊 Key figures
• Added 9,587 ETH last week, increasing its holdings from 6,060,506 to 6,070,092 ETH
• The announcement valued ETH at $2,234 each, putting its ETH holdings at about $13.56 billion; total assets, including cash, stood at $14.3 billion
• 5,227,037 ETH have been staked (about 86%), with estimated annualized staking rewards of about $309 million
• At the current price of about $1,935, the same 6.07 million ETH would be worth about $11.7 billion—roughly $1.8 billion less than the announcement's valuation
🤔 What to make of it
• The dollar value in the announcement is a snapshot at a specific point in time; when ETH pulls back, its value on the books falls accordingly
• It is now only about 3% away from its 5% target. We'll have to wait for next week's announcement to see how its buying pace develops
• Staking rewards are denominated in ETH, so a drop in the token's price directly reduces dollar-denominated income
📉 Key ETH levels (Binance 24-hour data)
• Support: $1,896 (24-hour low)
• Resistance: $2,021 (24-hour high), around $2,240 (last week's consolidation zone)
💬 Do you think Bitmine will stop once it gets close to 5%, or keep buying? Let us know in the comments 👇
👉 Trade ETH: https://www.binance.com/zh-CN/trade/ETH_USDT
#Beginner'sGuide: Understanding TradFi from Scratch #ETH #Bitmine #Ethereum
⚠️ This is not investment advice. Please be aware of the risks.
📌 What happened
In an announcement on November 9, Bitmine disclosed that it held 6,070,092 ETH as of November 8, representing 4.97% of the 122 million ETH total supply it cited—just one step away from the 5% target set by Tom Lee.
📊 Key figures
• Added 9,587 ETH last week, increasing its holdings from 6,060,506 to 6,070,092 ETH
• The announcement valued ETH at $2,234 each, putting its ETH holdings at about $13.56 billion; total assets, including cash, stood at $14.3 billion
• 5,227,037 ETH have been staked (about 86%), with estimated annualized staking rewards of about $309 million
• At the current price of about $1,935, the same 6.07 million ETH would be worth about $11.7 billion—roughly $1.8 billion less than the announcement's valuation
🤔 What to make of it
• The dollar value in the announcement is a snapshot at a specific point in time; when ETH pulls back, its value on the books falls accordingly
• It is now only about 3% away from its 5% target. We'll have to wait for next week's announcement to see how its buying pace develops
• Staking rewards are denominated in ETH, so a drop in the token's price directly reduces dollar-denominated income
📉 Key ETH levels (Binance 24-hour data)
• Support: $1,896 (24-hour low)
• Resistance: $2,021 (24-hour high), around $2,240 (last week's consolidation zone)
💬 Do you think Bitmine will stop once it gets close to 5%, or keep buying? Let us know in the comments 👇
👉 Trade ETH: https://www.binance.com/zh-CN/trade/ETH_USDT
#Beginner'sGuide: Understanding TradFi from Scratch #ETH #Bitmine #Ethereum
⚠️ This is not investment advice. Please be aware of the risks.
