BitMine Don Gather $6.6B Ethereum Treasury To Lead Institutional Holdings
BitMine Immersion Technologies talk say for August 18, dem get crypto assets wey worth $6.612 billion, including 1.52 million ETH and 192 BTC, make am be di biggest Ethereum treasury for di world and di second biggest crypto treasury overall. Di company weekly increase of $1.7 billion show say institutional people dey gather crypto sharply. With backing from ARK Invest, Founders Fund, Galaxy Digital and others, BitMine stock dey do average daily trading volume of $6.4 billion, put am among di most liquid US-listed stocks.
After di announcement, Ethereum go down to test $4,250 support level after e drop 11% from e peak for August. Technical signs show mixed momentum; if e break below $4,250, e fit target di 20-day moving average of $4,058, but if e hold di support, e fit move up past $4,886 go $5,000. Persistent pipo wey dey put money mean say short-term stability and bullish movement fit happen again.
One side, Best Wallet (BEST) presale don raise over $14 million, show say Ethereum users dey find secure multi-chain wallet dem.
Bullish
BitMine dem record Ethereum accumulation and high trading liquidity dey signal say plenty institutions get strong belief, wey for history don dey make crypto markets get bullish sentiment. Like MicroStrategy Bitcoin strategy, big treasury wey dem dey build dey usually hold price floors and dem dey attract more institutional inflows. For short term, if dem test the $4,250 support e fit stabilize ETH and fit stop am from fall too much. For long term, if reputable backers like ARK and Galaxy Digital keep dey buy, e fit help market well well, make uptrend continue, increase market confidence and reduce wahala from volatility.