In just three days, BitMine injected nearly $70 million into Ethereum. According to crypto analysts, this aggressive offensive contrasts with the climate of doubt currently weighing on the market. More details below!
In brief
- BitMine buys $70M of Ethereum to reach 5% of the token's global supply.
- Despite a bear market, BitMine anticipates an Ethereum supercycle similar to that of bitcoin.
BitMine targets 5% of global Ethereum supply
BitMine acquired 23,773 ETH between Saturday and Monday. That's around $70 million based on Ethereum's current price.
The data shows two transactions on the blockchain:
- 16,693 ETH valued at $50.1 million;
- 7,080 ETH which is worth approximately $19.8 million.
BitMine currently holds 3.7 million tokens in reserve. What makes it the undisputed leader in crypto treasury dedicated to Ethereum. Indeed, the company remains faithful to its clear ambition: to control 5% of the global ETH supply. Objective already reached at 62%.
Towards an Ethereum supercycle? Tom Lee believes in it
According to the president of BitMine Tom Lee, Ethereum seems to follow the same trajectory as bitcoin in 2017. He thus mentions a crypto supercycle comparable to the x100 multiplication of BTC since its beginnings.
To benefit from this kind of cycle, however, you have to know how to endure existential moments. In other words, the idea is to absorb the pain in order to reap later. Precisely, BitMine illustrates this principle. The company is increasing its exposure to Ethereum as the crypto market falters.
This bet is part of a moment of transition. We allude to the Ethereum blockchain which continues to attract smart contract projects. However, lack of regulatory clarity blocks big funds. Result: institutional liquidity remains paralyzed despite generally bullish fundamentals.
In any case, one thing is certain: BitMine dares what others expect. This massive accumulation of Ethereum could mark a turning point. If the market follows, the company will indeed establish itself as a central player in DeFi. File to follow…
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