BitMine Boost Ethereum Treasury go 1.3M ETH wit $730M Buy
For di past couple weeks, BitMine don boost dia Ethereum treasury wit two dip purchases wey total 163,785 ETH (around $730 million). Dem first buy 28,650 ETH (~$130 million) come follow wit 135,135 ETH (~$600 million), wey bring di Ethereum treasury to 1.297 million ETH (about $5.77 billion). Dis kain big investment show say BitMine get long-term confidence for Ethereum. Info from Arkham’s Lookonchain dey show say institutional interest for ETH dey grow.
BitMine buy di latest when ETH price drop 2.18% so dem fit accumulate for cheaper price. Di company dey also put money for layer-2 solutions to make transactions faster and dem go update investors about new partnerships and tech joins. Market watchers talk say total ETH wey firms and ETF wallets get fit soon pass $70 billion.
Short-term price action for Ethereum treasury go depend on US PPI data, Fed minutes and Jackson Hole symposium. If price fit close above $4,150 steady, e fit make Ethereum treasury value go up, but if risk-off happen, price fit sideways or move down.
Bullish
BitMine big big stash of ETH wen market go down dey directly support Ethereum price floor and e show say big institution dem dey want am well well, na bullish sign for traders. The way Ethereum treasury don grow to almost 1.3 million ETH dey reduce how many dey waka around and fit make price dey push up for long term. For short term, Layer-2 investment and the economic data wey go come fit make market shake small, but the consistent buying from institution fit make the small wahala wey go happen no too affect market. History show say when big treasury build dey happen, e usually before price rally, dis one make ETH market get better chance to rise.