Ethereum, along with the entire crypto market, is showing signs of strain. Although the tokens are trading in green, the bulls are not strong enough to counter the sellers.
Yet amid these tough market conditions, Tom Lee’s BitMine is making headlines by adding more ETH to its treasury.
According to the latest data from Lookonchain, BitMine added another 40,000 ETH, worth $82.07 million, from FlaconX, a cryptocurrency brokerage platform for institutions, on April 4.
The timing raises eyebrows
These moves came as the Crypto Fear and Greed Index was in the “Extreme Fear” zone.
Taking a step back, if we look closely, the crypto market has been below the “neutral level” in the primarily “Fear” and “Extreme Fear” zones since mid-January.
This shows how companies like BitMine are not waiting for the market to improve. In fact, instead of focusing on these short-term noises, institutions are betting on the long-term conviction of the token.
Drawing parallels with the Bitcoin ecosystem, Michael Saylor’s strategy with 762,099 BTC follows a similar strategy. In fact, if looked at closely, the strategy has been a source of inspiration for many companies, including Metaplanet, Boyaa Interactive, American Bitcoin Corp., and many more.
Ethereum Treasury Data and Ranking
With this move, Bitmine’s total ETH reserve now stands at 4,732,082 ETH, worth $9.69 billion.
This is followed by SharpLink with 868,699 ETH, worth $1.77 billion, and The Ether Machine with 496,712 ETH, worth $1.01 billion. ETHZilla ranks 7th and holds around 69,802 ETH worth $141.92 million.
While Galaxy Digital ranks 9th with 29,200 ETH worth $59.33 million. So, with over 30 entities, the total Ethereum Treasury holdings stand at 6,733,596 ETH, worth $13.79 billion.
ETH Price Action and More
Zooming out, on the price front, ETH was trading at $2,028.64 after a 1.34% decline in the last 24 hours. Meanwhile, the Spot Ethereum ETF (ETH) saw outflows even as a new quarter began.
Additionally, the ETH net transfer volume chart to or from exchanges shows that investors are withdrawing ETH from exchanges despite price weakness, indicating long-term bullish signals.
This coincided with the Ethereum Foundation increasing its total ETH holdings to around $139 million in just 7 days, highlighting that the big players are playing the long game.
Final summary
- Market conditions of “extreme fear” are no obstacle for companies that ignore short-term noise.
- Despite the price weakness, Ethereum’s Exchange Flow chart confirms the long-term bullish signal.
