Ethereum (ETH) plummet 8% in the past 24 hours, despite the information that BitMine has just announced that it has expanded its reserves to 3.72 million ETH just in the past week.
BitMine buys more ETH despite large unrealized losses
The Ethereum BitMine Immersion treasury company continues to accelerate its ETH accumulation after another week of large-scale purchases.
A Nevada-based company announced that it has purchased an additional 96,798 ETH over the past week, bringing its total Ethereum holdings to over 3.72 million ETH – equivalent to about 3% of the total circulating supply of ETH in the market. BitMine aims to own up to 5% of the circulating supply of the world's second-largest cryptocurrency.
According to BitMine, the factors driving the aggressive ETH accumulation strategy include the upcoming Fusaka upgrade on the Ethereum network, a tightening quantitative environment, and expectations that the U.S. Federal Reserve will begin to lower interest rates on December 10. “The convergence of these factors creates positive momentum for ETH prices, which is why we have increased our weekly ETH purchase volume by 39%,” said BitMine Chairman Thomas Lee in a statement released on Monday.
In addition to Ethereum, the company currently holds 192 Bitcoin (BTC), an investment worth 36 million USD in the Worldcoin (WLD) treasury of Eightco Holdings, along with unrestricted cash amounting to 882 million USD.
The buying activity comes amid a significant decline for Ethereum, which ended November down by 22.3%. The weakening trend has continued into December, with ETH plummeting over 8% in the past 24 hours. According to data from CryptoQuant, BitMine is currently facing an unrealized loss of approximately 3.9 billion USD.
With the current holding scale, BitMine is the largest Ethereum treasury on the market, far ahead of the second treasury, SharpLink Gaming – which holds 859,395 ETH.
Ethereum Price Forecast: ETH falls below 2,850 USD, heading towards the support zone near 2,620 USD
Ethereum just experienced a strong “plummet” with up to 228.6 million USD in futures contracts being liquidated in the past 24 hours, of which the long positions (Long) accounted for a dominant 209.9 million USD, according to data from Coinglass.
Selling pressure has increased, causing ETH to lose the important support level of 2,850 USD and is currently sliding towards the short-term support area at 2,623 USD. This adjustment comes after the price was rejected at the resistance zone of 3,100 USD last week. Notably, the 3,100 USD area also coincides with the 20-day EMA ( – a technical barrier that has repeatedly halted ETH's recovery efforts since the leverage purge on October 10.
![])https://img-cdn.gateio.im/webp-social/moments-4976f723a655b653aa2cdc7f6da63137.webp(ETH/USDT daily chart | Source: TradingViewIn a positive scenario, ETH could soon regain the 2,850 USD level if buying pressure appears at the 2,623 USD area. However, if this support area is breached, the largest altcoin in the market risks falling deep towards the 2,330 USD mark – an area close to the average cost price of all ETH investors.
From a technical indicator perspective, both the RSI and Stochastic Oscillator are continuing to plummet towards the oversold region, indicating that the bearish momentum is still prevailing and there are no clear signs of weakening.
SN_Nour
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Surges to $75,500, Ethereum Approaches $2,400, Morgan Stanley: Soaring Oil Prices Don't Shake June and September Rate Cut Forecasts
Bitcoin has recently surged to $75,500, while Ethereum has broken through $2,380, with futures market liquidations reaching $570 million. Morgan Stanley economists predict the Federal Reserve will still cut rates in June and September despite rising oil prices. While market expectations for rate cuts have diminished, they still remain, and investors need to be vigilant about volatility risks in the crypto market.
動區BlockTempo7m ago
Whale "pension-usdt.eth" Faces Over $10M Floating Loss on BTC and ETH 3x Leveraged Short Positions
Gate News bot message, whale address "pension-usdt.eth" currently holds 3x leveraged short positions in BTC and ETH with floating losses exceeding $10 million as prices rise.
The positions include 1,000 BTC valued at $75.64 million with a loss of $6.7 million, and 10,000 ETH valued at $23.6 millio
GateNews10m ago
"Brother Maji" Increases ETH Long Position to 10175 Coins, and Adds New BTC and HYPE Long Positions
Gate News reports that on March 17, according to Hyperinsight monitoring, as the cryptocurrency market rose, "Maji Dage" increased their ETH long position to 10,175 ETH, approximately worth 23.92 million USD, with an unrealized profit of 1.37 million USD. Additionally, this address added 45 BTC and 64,000 HYPE long positions, with the total unrealized profit of the account reaching 1.41 million USD.
GateNews40m ago
A major trader closed a position of 40,000 ETH 2 hours ago, earning a profit of $14.8 million.
On March 17th, on-chain analyst Yu Jin detected a whale trader taking profit on 40,000 ETH after ETH rose 8%, earning $14.8 million. The trader previously opened a long position worth $290 million on Hyperliquid, which has already generated $47.92 million in profits. The trader currently still holds 80,000 ETH and 700 BTC long positions.
GateNews48m ago
