Key points to remember
Why did Bitmine double his putting on ETH?
Lee considers ETH as the main macroeconomic exchange of the decade, driven by the growth of AI and increasing institutional demand.
Will the price of the ETH increase?
It was a possibility. But the bulls could once again stall $ 5,000 if the sale of the whales increases.
Bitmine immersion of Tom Lee (NYSE: BMNR) increased its Ethereum (ETH) assets at $ 13.2 billion.
In a statement On October 6, the company said that it had 2.83 million ETH tokens and 192 Bitcoin (BTC) Alongside $ 456 million in cash.
Collectively, Bitmine is now the second largest business cryptographic cash after Michael Saylor’s strategy.
Source: ETH strategic reserve
According to Tom Lee, Cio de Fundstrat and president of Bitmine, the ETH remains the “biggest macro trade” of the decade which will be drawn by AI and cryptography.
He added that the price of the ETH is still “reduced” compared to the future, and that his company will therefore aim at 5 % of the total offer of ETH (6 million ETH).
“We remain convinced that the two supercycle investment stories remain AI and cryptography … Since the price of the ETH is a reduction for the future, this is a good omen for the token and that is the reason why the main credit of Bitmine is the ETH.”
In other words, Bitmine was only halfway through its ETH accumulation objective (around 3.2 million remaining ethn).
“Legendary” accumulation and etho supply crisis
Hunter Horsley, CEO of Bitwise greeted The aggressive accumulation of ETH which was carried out in less than six months as “legendary”.
That said, the overall cash and ETH ETH ETH assets reached 5.66 million ETH worth $ 26.45 billion in October, an increase of more than $ 4 billion since the second quarter.
Source: ETH strategic reserve
Although ETF ETH entries in the United States have slowed down slightly in the fourth quarter compared to the third quarter, the collective demand for cryptographic treasures and ETFs could stimulate the recovery of ETH prices.
In addition, the ETH’s offer crisis seems to be setting up.
Since July, the ETH exchange reserve has increased from more than 20 million ETH to 16.1 million at the time of publication. This represents approximately 4 million ETH withdrawn from scholarships, a 20 % drop in the available offer.
Source: crypto
This could slow down massive ETH corrections. In fact, with the activation Building on the Grayscale ETH ETH, the request of the ETFs could bounce back, especially if other transmitters follow suit.
The bulls target $ 5,000 but the whales collect the profits
Meanwhile, the Altcoin recovered 22 % compared to the lowest in September of $ 3.8,000 and became bruise after defending the $ 4.5,000 as a support.
Source: ETH/USDT, tradingView
A new $ 4.8,000 test and a potential leap at $ 5,000 could be feasible. However, the OBV encountered resistance and certain whales began to Reservation benefits (more than $ 70 million) from the recovery.
