Bitmine Expands Ethereum Holdings with Additional Purchase of 18,345 ETH ($54.94M)

Ethereum has recently regained the important $3,000 mark, thanks to positive market sentiment following recent shifts in macroeconomic policy. Bitmine's ongoing accumulation of Ethereum emphasizes its belief in the asset's long-term potential. Despite the market's volatility, Bitmine's purchase of 18,345 ETH adds to a substantial accumulation trend, further impacting market dynamics.

Key Takeaways

Ethereum has surpassed the $3,000 level amid positive adjustments in macroeconomic conditions.
Bitmine has acquired an additional 18,345 ETH, reinforcing its bullish outlook on Ethereum.
A newly created wallet linked to Bitmine has withdrawn over 30,000 ETH, indicating a potential strategy for long-term holding.
The market remains cautious despite Ethereum's recovery, highlighted by resistance levels and trading volumes.

Bitmine’s Commitment to Ethereum Accumulation

Recent data from Arkham, shared by Lookonchain, reveals that Bitmine has purchased an additional 18,345 ETH, equivalent to approximately $54.94 million. This purchase is part of a series of significant accumulation efforts made by Bitmine, reflecting its strong confidence in Ethereum's potential for long-term growth, despite a backdrop of market volatility.

Bitmine-Linked Wallet Transfers | Source: Arkham

Shortly after this acquisition, Lookonchain pointed out a notable activity involving a newly established wallet, 0x52B7, which withdrew 30,278 ETH—valued at $91.16 million—from Kraken. Analysts suggest that this wallet could be associated with Bitmine or part of a broader accumulation strategy.

Typically, large withdrawals from exchanges signal that the holder intends to keep the assets off-exchange for long-term storage or staking rather than immediate selling.

Bitmine-Linked Wallet Transfers

If this wallet is indeed connected with Bitmine, then their cumulative accumulation efforts could reach nearly 50,000 ETH within a single day. This level of activity from large players often precedes significant price changes, indicating preparations for a stronger market phase ahead.

Ethereum's Recovery and Current Market Outlook

Ethereum's three-day chart displays a notable recovery after reclaiming the $3,000 threshold; however, the broader trend remains somewhat fragile. The recent increase comes after a significant corrective phase that saw ETH prices drop from around $4,500 to a support zone near $2,700–$2,800, where buyers showed renewed interest. The strong buying activity in this vicinity confirms that demand still exists, though ETH has not yet fully regained its bullish momentum.

ETH consolidates around key level | Source: ETHUSDT chart on TradingView

Currently, ETH is trading just below the 50 Simple Moving Average (SMA) in the $3,100–$3,150 area, which represents a crucial short-term resistance level. A decisive break above this moving average could signify renewed upward momentum and an opportunity to revisit the $3,400–$3,600 range. Meanwhile, the 100 SMA and 200 SMA remain positioned above the current price, indicating the ongoing downtrend that has persisted since September.

Although trading volume has increased slightly during this recovery phase, it still pales in comparison to the volumes seen during previous sell-offs. This suggests that while buying interest is present, it isn’t overly aggressive at these price levels. For a confirmed trend reversal, ETH would need to close above the 50 SMA and subsequently challenge the resistance cluster around $3,200–$3,300.

Featured image from ChatGPT; chart sourced from TradingView.com