BitMine Acquires $84M in Ethereum as Market Stabilizes
- BitMine purchased nearly $84 million worth of ETH in the last 24 hours.
- The company received a total of 18,730 ETH from Galaxy Digital through multiple transactions.
- BitMine’s Ethereum treasury now totals approximately 2.15 million ETH, reinforcing its status as the largest public holder.
- Analyst Doomer predicts that Ethereum could reach a new all-time high (ATH) of $5,000 soon.
- Current market conditions show ETH testing a significant support level while forming a Falling Wedge pattern.
This substantial purchase by BitMine comes amid a correction in the crypto market, where many assets have lost recent gains following the Federal Reserve’s rate cut announcement. The ongoing accumulation by major holders like BitMine may indicate potential upward momentum for Ethereum.
With BitMine’s latest acquisition of $84 million in ETH, expectations are rising for Ethereum to potentially break past the $5,000 mark if bullish momentum continues to build.(Source)
