BitMine continues to be the focus of the cryptocurrency market as the company recently announced it purchased an additional 44,463 Ethereum last week, with an estimated total value of approximately $130 million. This transaction extends BitMine's continuous chain of ETH amidst continued caution from many institutional investors regarding the lack of a significant price breakthrough for the world's second-largest cryptocurrency.
Following its latest purchase, BitMine's total Ethereum holdings have surpassed 4.1 million ETH, equivalent to approximately 3.31% of Ethereum's total circulating supply. This scale places BitMine among the largest ETH holders in the market, significantly influencing investor sentiment and long-term Ethereum supply analyses. BitMine currently manages approximately $13.2 billion in assets, the majority of which is Ethereum, alongside around $1 billion in cash ready for further ETH purchases if market conditions are favorable.
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Chia insights on recent strategy, BitMine Chairman Tom Lee stated that the cryptocurrency market typically tends to be quiet during the Christmas and New Year period, when liquidation decreases and investors limit opening new positions. However, this year, selling pressure stems from a different cause: year-end stop-loss orders for tax deductions, particularly in the US. This development has increased short-term supply, forcing BitMine to adjust its acquisition pace, evident in the decrease in purchase volume last week compared to previous weeks.
