BitMine Immersion Technologies has made its fourth ether purchase since the last major price drop. Does the company “know anything”?
BitMine continues to buy ether
BitMine bought ether for $250 million on Monday. Arkham Intelligence it statedthat it fits into the company’s “purchasing pattern”.
The company recently acquired a total of 442,809 ETH worth approximately $1.74 billion. In total, the company already has approximately 3.17 million ETH, or approximately 2.6% of the total supply of this cryptocurrency. So it is halfway there – its goal is 5% of the ether supply.
The purchases suggest that BitMine is betting that the bull market continues. This was confirmed by CEO Tom Lee on Friday.
So I think we’re at the bottom and slowly coming back up
– he said on CNBC.
He also stated that BitMine is preparing to soon implement its own Ethereum staking solution.
The ETH rate is falling
Analysts notice an interesting pattern: Asia pumps the markets with its purchases, but Americans sell a few hours later, preventing any sustained upward momentum. As a result, the price of ether dropped below USD 4,000 again and today one ether costs approximately USD 3,900.
However, we can assume that this is not the last word of ether in this cycle. So far, the market has grown poorly because it operated in an environment of high interest rates. – The Fed has only recently returned to the policy of cuts, it will make another cut next week, which should give the markets another upward impulse. This may coincide with Donald Trump’s meeting with Xi Jinping and the conclusion of another US-China agreement. If this happens, peace will return to the markets and, therefore, growth will return.
In addition, there are the words of Jerome Powell, who recently said that the Fed will soon end the process of quantitative tightening, which may also give a strong growth impulse.
Analyst Daniel Kostecki claims that the market is dependent on US monetary policy and its change (moving from tightening to loosening) may help cryptocurrencies. In one of the posts on X, he suggested an increase in ETH to approximately USD 8,000.
