Editor's PiCK
Bitmain surpasses 3.3 million Ethereum holdings…accounts for 2.8% of total supply
Summary
- Bitmain said it increased its holdings of Ethereum (ETH) to more than 3.3 million, accounting for 2.8% of the total supply.
- Bitmain purchased an additional 77,055 ETH over the past week, and the purchase size is estimated at approximately $319 million.
- Bitmain said it considers the current ETH price to be in an attractive risk-reward range.
Bitmain, a company specializing in treasury holdings of Ethereum (ETH), said it has recently increased its holdings to more than 3.3 million ETH. This is approximately $13.7 billion and represents about 2.8% of the total circulating supply of Ethereum.
On the 27th (local time), The Block reported that Bitmain purchased an additional 77,055 ETH over the past week since October 20. Bitmain did not disclose the purchase price, but the purchase amount is estimated at approximately $319 million.
Tom Lee, chairman of Bitmain, said, "Recent progress in U.S.-China trade talks is a positive signal for Ethereum and the overall cryptocurrency market," adding, "When the stock market rises, Ethereum and cryptocurrencies have shown better returns through a 'risk-on' flow."
He also said, "Current ETH open interest is at a level similar to before this year's recent Ethereum surge," and assessed, "The current price is in an attractive risk-reward range."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
