Bitmine Don Buy 130 Million Dollar Ethereum, Dem Raise ETH Holdings Reach 1.17 Million
Bitmine Immersion Technologies don buy 28,650 ETH (≈$129.9M) one time, e raise their total treasury reach 1.174M ETH (~$5.26 billion). This move show say institutional people dey buy more Ethereum as exchange reserves dey reduce and demand dey grow. Ethereum price dey trade near $4,422, above important technical support wey be 50-period moving average (~$4,347). If accumulation continue and liquidity reduce, e fit make market rally reach $4,600–$4,800 or even break pass the all-time high (~$4,800). But if e drop below $4,347, correction fit happen go $4,000. This trend dey similar to other company strategies, e show say Ethereum dey strengthen im leadership for altcoin market.
Bullish
Bitmine big institution buy of 28,650 ETH show sey corporate dem dey pile up Ethereum well well wey dey empty liquid supply for exchange dem. Normally, big treasury buys like MicroStrategy BTC buy dem dey come before price go long time dey rise. Technical indicator now dey show sey ETH hold above im 50-period moving average and dey form higher highs, wey support more price increase. Exchange reserve dem dey shrink, e clear sey supply tight and e dey push price up. For short time, dis info fit make market get bullish momentum as traders dey expect institution demand, e fit push price go $4,600–$4,800. For long term, as corporate adoption still dey increase, e go make Ethereum market strong, e fit make ETH remain market leader for next crypto cycle. But if e no fit hold key support levels, price fit drop small, dis one mean say people need manage risk well well.