Bitmine increased its bet on Ethereum (ETH) with a $137 million purchase, as the king of Altcoins reclaims the crucial $2,150 level, and some market watchers are calling for an end to the crypto market correction.
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Bitmine adds 65,000 ETH as crypto winter calls end
On Monday, Bitmine, the world’s largest Ethereum treasury, announced that it continued to increase its stake on the king of Altcoins by purchasing around $137 million worth of ETH last week.
In its weekly update, the company reported that it acquired 65,341 ETH over the past week, maintaining its “increased pace of ETH purchases in each of the last three weeks.” This represents a significant increase from the average acquisitions of 45,000-50,000 ETH compared to previous weeks.
Notably, Bitmine’s latest purchase brought the company’s total crypto and cash holdings to $11 billion at current prices. As of March 22, the second-largest crypto treasury company held 4,660,903 ETH, 196 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings as part of its “Moonshots” initiative, and unencumbered cash worth $1.1 billion.
Additionally, it holds 3.86% of the total ETH supply and is close to its goal of controlling 5% of the leading altcoin’s 120.7 million supply. Meanwhile, the company’s total staked ETH stands at 3,142,643, worth $6.5 billion at $2,072 per ETH.
Bitmine President Tom Lee noted that the company is maintaining its increasing buying pace due to its base case that “ETH is in the final stages of the “mini-cryptowinter.”
As he noted, “since the start of the war in Iran, cryptocurrencies and particularly ETH have outperformed the broader market, with ETH up 18% and outperforming stocks by 2,450 bps.” For Lee, this demonstrated that cryptocurrencies are a “good store of value in times of war.”
He also highlighted the US Congress’ recent progress on the CLARITY Act, saying it will provide a positive fundamental catalyst for Ethereum and “another reason why it is likely that the crypto winter is largely behind us.”
Has Ethereum’s bullish momentum returned?
On Monday morning, Ethereum rose alongside the rest of the crypto market after President Donald Trump announced he was postponing planned strikes against Iranian power plants for five days.
Ethereum surged 8% from the psychological $2,000 level, reclaiming the crucial $2,150 zone. Analyst Ali Martinez noted that the Altcoin king is “showing signs of a major structural shift” as it showed the strongest combination of technical support and on-chain signals in months.
From a technical perspective, Ethereum is currently trading in a multi-year ascending triangle pattern on the weekly chart. This trend suggests a potential breakout towards the $10,000 level.
As he explained, the recent move toward $1,800 served as a “critical reaction point, aligning with the ascending trendline of this multi-year structure.” Additionally, on-chain data confirms that the recovery “was not just a random bounce,” with the MVRV ratio recently falling below 0.8, which has historically been a “generational buying zone.”
The fact that this on-chain reset occurred exactly when price was testing triangle support adds considerable weight to the bullish thesis.
He also highlighted that the key SuperTrend indicator moved from sell to buy for the first time since May, suggesting that the extended sideways period is coming to an end and a new uptrend is beginning.
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Martinez concluded that a sustained move above the $2,350 area would be the first signal that Ethereum is breaking out of its accumulation range and entering a “true bull market expansion” and that any decline into the $1,800-$2,000 range should be “considered an opportunity as long as the $1,800 bottom remains intact.”
Featured image from Unsplash.com, chart from TradingView.com
