ETH targets $2,000: BitMine sells off after losing $6.3 billion—will BTC and SOL follow?
BitMine has lost $6.3 billion and is being forced to sell Ethereum to secure its Aave loan, pushing ETH straight toward $2,000. This isn’t an ordinary market sell-off; it’s a chain of forced liquidations among treasury companies. A substantial amount of money is flowing out of Ethereum, and for now, there’s no buying pressure to absorb it.
BTC is currently at 67,619.89, while the U.S. Dollar Index is hovering near a 19-month high. No money is coming in to buy the dip. SOL is currently at 76.04. On-chain applications are still being built, but the price lacks support. The logic for all three coins is simple right now: whoever has more money on hand can get out first—and whoever gets out first survives.
I think ETH will have a hard time rebounding in the short term. BitMine’s $6.3 billion loss won’t be made up in a day or two, and selling pressure will likely persist for several days. BTC and SOL can only follow for now; neither is in a position to drive the market independently. Capital is shifting elsewhere.
This correction won’t end quickly. Treasury companies still have more positions to unwind. Holding above $2,000 is the key short-term threshold for ETH; if it breaks below that, the next support level is lower.
Lao Ma’s little dog is still waiting in the square. ETF fund flows will determine the pace of the next move. Tonight, we’ll see whether ETH can hold the $2,000 mark. If it can’t, it will keep looking for support lower down.
🐶 Let’s check out Lao Ma’s little dog together ✨🚀
BitMine has lost $6.3 billion and is being forced to sell Ethereum to secure its Aave loan, pushing ETH straight toward $2,000. This isn’t an ordinary market sell-off; it’s a chain of forced liquidations among treasury companies. A substantial amount of money is flowing out of Ethereum, and for now, there’s no buying pressure to absorb it.
BTC is currently at 67,619.89, while the U.S. Dollar Index is hovering near a 19-month high. No money is coming in to buy the dip. SOL is currently at 76.04. On-chain applications are still being built, but the price lacks support. The logic for all three coins is simple right now: whoever has more money on hand can get out first—and whoever gets out first survives.
I think ETH will have a hard time rebounding in the short term. BitMine’s $6.3 billion loss won’t be made up in a day or two, and selling pressure will likely persist for several days. BTC and SOL can only follow for now; neither is in a position to drive the market independently. Capital is shifting elsewhere.
This correction won’t end quickly. Treasury companies still have more positions to unwind. Holding above $2,000 is the key short-term threshold for ETH; if it breaks below that, the next support level is lower.
Lao Ma’s little dog is still waiting in the square. ETF fund flows will determine the pace of the next move. Tonight, we’ll see whether ETH can hold the $2,000 mark. If it can’t, it will keep looking for support lower down.
🐶 Let’s check out Lao Ma’s little dog together ✨🚀
