Bitmine Immersion Technologies just added 10,399 ETH, bringing their total to 5,797,813 ETH. This 4.8% of Ether's circulating supply chases their 5% target.
They also repurchased 4.5 million shares last week, part of a $4 billion buyback program.
Our read: A single whale accumulating 5% of a network's supply is a centralizing force. It also means a large chunk of ETH is off the market, unlikely to be sold.
The price is above the EMA20 and EMA50 at $1,873. Watch for a reclaim of $1,937 on volume.
$ETH
They also repurchased 4.5 million shares last week, part of a $4 billion buyback program.
Our read: A single whale accumulating 5% of a network's supply is a centralizing force. It also means a large chunk of ETH is off the market, unlikely to be sold.
The price is above the EMA20 and EMA50 at $1,873. Watch for a reclaim of $1,937 on volume.
$ETH