BitMine Increases Ethereum Holdings to 3.39 Million ETH
Ethereum treasury company BitMine Immersion (BMNR) bought 82,353 ETH last week. This raised its total holdings to 3.39 million ETH, about 2.8% of the circulating supply. In October, BitMine added over 744,500 ETH despite a 7% drop in prices during the month.
Thomas Lee, chairman of BitMine, said on Monday, “Ethereum fundamentals continue to strengthen fast. Stablecoin supply on ETH has grown over 15% in the past eight weeks. Application revenue also hit an all-time high.” He added that sometimes price follows fundamentals, and now “price converges higher.”
The Nevada-based firm has $13.7 billion in total net assets. It holds $389 million in cash and 192 Bitcoin (BTC). However, its stake in the Worldcoin treasury, Eightco Holdings (ORBS), fell from $88 million to $62 million.
BitMine aims to own 5% of Ethereum’s supply, a plan called the “Alchemy of 5%.” It leads public companies buying ETH. Following BitMine are SharpLink Gaming (859,395 ETH) and The Ether Machine (496,712 ETH), as per StrategicETHReserve data.
Ethereum ETFs also saw strong inflows last week. They gained $15.97 million, led by Grayscale Ethereum Mini Trust with $56.05 million.
Ethereum Price Drops 6%, Eyes Key Support Levels
Ethereum price fell over 6% on Monday. It broke the $3,660 support and is now testing the 200-day Exponential Moving Average (EMA) near $3,470.
Coinglass data shows $292.6 million in liquidations in the last 24 hours. Most liquidations, $269.2 million, came from long positions.
If ETH falls below the 200-day EMA, the next key support is around $3,470. A further drop could push prices down to $3,100.
On the upside, ETH must rise above $4,100 to restart a bullish trend.
Technical Indicators Show Bearish Momentum
The Relative Strength Index (RSI) failed to break above the neutral level. It is moving toward oversold conditions. The Stochastic Oscillator also entered oversold territory. This shows strong bearish momentum currently.
However, the Stochastic’s oversold status may allow a short-term price bounce.
