Summary
- Bitmain Technologies said it undertook a $1.5 billion Ethereum accumulation following the recent market crash.
- Bitmain currently holds more than 3,000,000 Ethereum, which represents about 2.5% of the total supply.
- Fundstrat co-founder Tom Lee said, "Ethereum still has the potential to overtake Bitcoin, and the current period is a bottom, with the market gradually recovering."
Ethereum (ETH) holder Bitmain Technologies appears to have continued aggressive accumulation following the recent market crash.
On the 19th (local time), Cointelegraph reported that Bitmain purchased a total of 379,271 Ethereum in three recent transactions. It bought 202,037 immediately after the market plunge, 104,336 on the 17th, and an additional 72,898 today, totaling $1.5 billion.
Bitmain currently holds more than 3,000,000 Ethereum, which represents about 2.5% of the total supply. Its total holdings amount to approximately $11.7 billion, reaching about half of the company's stated 5% target share.
Tom Lee, co-founder of Fundstrat, said, "The bubble of crypto-asset treasury companies is bursting," but added, "Ethereum still has the potential to overtake Bitcoin (BTC)." He added, "This is a bottoming phase and the market will gradually recover."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
