Selling on one side and buying aggressively on the other,
$ETH is caught in this tug-of-war right now.
On the ETF front, spot ETH funds saw about $955 million in net outflows in October, making it the biggest month of outflows this year.
Last week alone, they saw another roughly $320 million flow out.
But Bitmine didn’t let up last week.
It bought another 12,535 ETH, worth about $30.4 million.
The pace was almost identical to the week before.
It now holds 6.04 million ETH.
It’s only about 64,000 ETH short of its goal to hold 5% of the total ETH supply.
At last week’s pace, it’ll take about five more weeks to reach the target.
Tom Lee has said before that accumulation will stop once they hit the goal.
This timing gap has me a little concerned 🤔
$BTC touched 83,000 overnight before returning to around 82,000, while
$ETH has been hovering around 2,400.
Some of the support for ETH right now comes from treasury buyers with a clearly defined target.
But there’s an endpoint to this buying.
If Bitmine reaches its target and stops buying before ETF outflows ease,
who will fill the gap?
Or will ETF flows turn positive by then, meaning there’s no gap at all?
Do you think treasury buying provides real support,
or is it just pushing volatility further down the road?
Share your thoughts on this timing gap in the comments.
$ETH $BTC #以太坊 #Bitmine #ETF
This is not investment advice. DYOR. Trading involves risk.