Bitmine Buys Another $22.43 Million Worth of ETH, as SharpLink USDC Move Suggests Another ETH Buy
- Bitmine buys another $22.43 million worth of ETH.
- SharpLink moves USDC, sparking another ETH purchase coming soon.
- Over 78,200 ETH was snatched up by 4 new wallets in under 10 hours.
The ETH accumulation race continues to gain momentum as institutional buying increases steadily by the day. Today, Bitmine buys another $22.43 million worth of ETH, bringing the value of its total ETH holdings to $9.27 billion. At the same time, SharpLink Gaming, another prominent ETH accumulator, just transferred $379 million USDC to Galaxy Digital, sparking expectations for the entity to accumulate more ETH soon.
Bitcoin Buys Another $22.43 Million Worth of ETH
This bull cycle saw a huge spike in ETH accumulation, which is why somewhere between the first nd second quarters, institutions switched tactics and began to accumulate more ETH over BTC. What does the pioneer altcoin asset have to offer over the pioneer crypto asset? The answer lies in the fact that the price of BTC has already pumped parabolically this bull cycle, while the price of ETH has just set its first ATH this cycle.
The fact that BTC entered price discovery before the Bitcoin Halving event last year allowed the asset plenty of time to pump and give profits. Now, analysts believe holding ETH will yield more gains than holding BTC. Thus, several reputed institutions either began to accumulate more ETH over BTC, like BlackRock, or completely switched their strategy to ETH by stopping all Bitcoin mining operations and swapping all BTC to ETH, like Bitmine.
To highlight, Bitmine is hoping to achieve its goal of owning 5% of the total ETH supply. This is why the entity is aggressively buying more ETH when the price is low. So far, Bitmine has accumulated almost 2% of the total ETH supply, beating even Saylor’s BTC accumulation strategy. As we can see from the post above, Bitmine Immersion just made another heavy ETH purchase.
In detail, Bitmine Immersion bought another 46,255 ETH worth $200.43 million 5 hours ago and currently holds a total of 2,126,018 ETH worth $9.27 billion. The entity is being led by its current Chair, Tom Lee, who believes that ETH has the potential of hitting $16,000 by the end of the year and expects each ETH to hold value between $60,000 and $62,000. Aside from Bitmine, several other institutions have been aggressively accumulating ETH.
Institutional ETH Accumulation Shows No Signs of Slowing Down
As we can see from the posts above, SharpLink Gaming, which holds over $3.6 billion of ETH, just transferred 379 million USDC to Galaxy Digital that may be used to purchase more ETH. Meanwhile, in just under 10 hours, 4 newly created wallets withdrew over 78,200 ETH worth $342 million from Kraken. With such dedicated ETH accumulation strategies in place, ETH will likely experience a deep supply shock.
