Bitmine Buys Another 31,996 ETH Worth $138 Million, as ETH Tries to Claim Higher Prices and Altseason Arrival Looms
- Bitmine buys another 31,996 ETH worth $138 million.
- ETH tries to claim higher prices and analysts keep a close eye on the price chart.
- Altseason expectations grow stronger with bullish indicators.
Shortly after Bitmine Immersion bought $65.3 million worth of ETH to its holdings, the entity immediately scooped up another 31,996 ETH worth $138 million. This brings Bitmine’s total ETH ownership to a value over $8.5 billion, bringing it closer to its final goal of owning 5% of the total ETH supply. Presently, under Tom Lee’s lead, Bitmine Immersion is nearing close to owning 2% of the total ETH supply.
Bitmine Buys Another 31,996 ETH Worth $138 Million
This bull cycle saw an increased accumulation in both Bitcoin (BTC), the pioneer crypto asset, and Ethereum (ETH), the pioneer altcoin asset. However, since ETH bottomed during the prolonged correction phase in Q1, financial institutions, ETH whales, and newly formed ETH treasuries have been steadily accumulating more ETH than BTC. Amongst the many accumulation Bitmine Immersion is leading the race.
In detail, Bitmine Immersion completely shifted its accumulation strategy. First, the entity swapped all of its BTC to ETH and stopped all Bitcoin Mining efforts. The, under the leadership of its Chair, Tom Lee, began to aggressively accumulate ETH at such a rapid pace, that it easily beat Strategy and Michael Saylor’s efforts to accumulate BTC. Lee hopes to secure 5% of the total ETH supply and is currently nearing securing 2% of the total supply.
As we can see from the post above, Bitmine Immersions just bought another 31,996 ETH amounting to over $138 million. The post observes that Bitmine has now purchased 43,373 ETH in the past 24 hours. Lee expects ETH to climb as high as a new ATH between $10,000 and $16,000 by the end of the year and even expects each ETH token to be worth $60,000 – $62,000 some day, perhaps not too far away.
Next ETH Price Action Expectations
Analysts are now looking closely at the ETH price charts to predict what move will occur next. With the price of ETH still trading in the $4,300 price range, one analyst notices that ETH has clearly rejected $4,500 liquidity. He hopes to see fuel for Ethereum so the asset can try to break this level again. Meanwhile, another analyst adds that it always looks crazy at the time but at every buy zone so far, people thought ‘it was over’, but highlight how the diagonal pattern still hasn’t been broken on the ETH price chart.
Finally, altseason expectations grow stronger as well. As we can see from the post above, this reputed analyst notices that altseason can arrive soon and highlights the double bottom locked pattern, suggesting an active breakout structure. With the same bull pattern of 2017 and 2021 printing again, added with more liquidity and stronger flows, the analyst expects a glorious upside fro altcoins soon.
