BitMine Remains Bullish, Scoops Up 54,156 ETH at the Bottom

Amid the bearish crypto market, which has taken ETH, the world’s second-largest crypto, very close to the $3,000 mark, famous miner BitMine has continued to fill its bag with large units of the crypto. According to a recent press release, it purchased an additional 54,156 ETH within the last business week, significantly increasing its holdings.

Notably, BitMine continues to cement its position as the world’s largest corporate ETH investor and the second-highest institutional crypto investor in history, trailing behind the Nasdaq-listed business intelligence firm, Strategy. This American company holds nearly 650,000 BTC, valued at over $60 billion.

Massive 54,156 ETH Boost

Considering the average ETH trading price last week, BitMine spent about $150 million on its latest shopping. As such, it now holds 3,559,879 ETH and has attained an all-time average purchase price of $3,120 per ETH, a massive drop from $3,639 it reported last week. 

Notably, this significant purchase occurred amid a declining crypto market, demonstrating the company’s unwavering confidence in the long-term value of ETH and raising concerns about whether an uptrend is underway. Hence, Tom Lee, Chairman of BitMine, commented.   

“We do not believe crypto prices have peaked for this ‘cycle’. We look at five explanations for the crypto price cycle and conclude that two have important explanatory value. Both of these suggest a crypto cycle top likely 12-36 months away. Yes. This is a break from past cycle behavior.”

Meanwhile, in addition to the massive ETH reserve, BitMine holds 192 BTC. It also holds a $37 million stake in Eightco Holdings, a Worldcoin reserve company, which provides it with indirect access to WLD. Moreover, it has about $607 million in cash, which it could deploy into subsequent ETH acquisitions.

Would ETH Recover Soon?

While the cryptocurrency market remains volatile and numerous unforeseen factors influence the prices of various tokens, analysts remain optimistic, citing several factors that could lead to an unexpected market recovery.

One such bullish predictor is the CryptoQuant CEO, who noted that Capital inflow is also another factor that will lead to a trend shift soon. Notably, whales like BitMine and Strategy, among others, are filling their bags amid the downtrend, and this does not typically happen during a bear market. 

Moreover, the spot market remains stable, with more buyers entering the market; hence, analysts conclude that it is not yet a bear market.