Bitmine Accumulates Over 70,000 ETH Despite $1.8B Unrealized Losses
Bitmine, a major institutional participant in the Ethereum market, has continued to accumulate ETH even while sitting on $1.8 billion in unrealized losses. According to CryptoQuant data, the firm added more than 70,000 ETH since early November, signaling strong long-term conviction in Ethereum’s fundamentals. Ethereum recently reclaimed the $3,450 support level but faces resistance at $3,600–$3,700. Technical indicators, including the 50-week moving average around $3,400 and upward-sloping 100- and 200-week moving averages, suggest the asset remains in a long-term uptrend. Traders will monitor whether Ethereum can hold above $3,400 and break above $3,700 to confirm a broader trend reversal. The upcoming U.S. government reopening and renewed macroeconomic data flow may influence market liquidity and sentiment. Sustained whale accumulation, combined with favorable macro conditions, could set Ethereum up for its next major move toward $4,200–$4,500, while a failure to defend $3,300 might trigger deeper corrections.
Bullish
Bitmine’s aggressive ETH accumulation during a corrective phase demonstrates institutional confidence and provides strong demand support at key levels. Historically, large-scale whale buying amid volatility often precedes significant price rebounds once broader sentiment improves. The combination of steady accumulation, robust technical support near $3,400, and a potential macroeconomic catalyst from U.S. data resumption creates a bullish setup. In the short term, traders may see increased buying around 3,400–3,700 as whales defend their positions. Over the longer term, sustained demand from entities like Bitmine could propel Ethereum toward 4,200–4,500, provided it crucially breaks and holds above the 3,700 resistance zone.