Bitmine Buy $49M Ethereum (ETH) Amid Liquidity Wahala
Bitmine don sharply increase dia Ethereum (ETH) holdings, add 110,288 ETH through OTC trading desks plus another 17,242 ETH—together na reach about 3.5 million ETH (around 5% of wetin dey circulate) worth over $10 billion. Dem take equity raises, cash reserves plus staking rewards fund am. Bitmine see how ETH price drop from October high wey reach over $4,000 to mid-November low under $3,000 as one good chance to buy. For one CNBC interview on November 20, Chairman Tom Lee talk say market maker liquidity still tight after crash for October 10 wey force $20 billion liquidation. He compare this tightness to eight-week liquidity wahala for 2022 and expect say e go better soon. Bitmine keep dey collect more show say institutional belief for Ethereum long term still dey grow.
Bullish
Bitmine large-scale collect Ethereum dey reduce di available supply and e show say institutional confidence strong, wey usually dey make ETH price go up. Even though Tom Lee talk say market maker liquidity dey tight and price recovery go delay fit cause short term wahala, steady buying for under $3,000 levels show say demand strong. Historically, similar liquidity squeezes dey settle within weeks, and after dat, prices dey usually bounce back. So, dis news good for Ethereum price trend both short and long term.