Summary
- Bitmain Emergence Technologies withdrew $113 million worth of ETH and is said to be pursuing a 'buying the dip' strategy.
- Bitmain holds about 2.8% of Ethereum's circulating supply and said it aims to secure 5% of the total supply.
- CoinDesk technical analysis said Ethereum is seeing strong buying around $4,000 and is forming a 'double bottom' pattern.
Bitmain Emergence Technologies has withdrawn approximately $113 million worth of ETH.
On the 29th (local time), CoinDesk reported that Arkham said in a report, "Bitmain withdrew about $113 million worth of ETH from custody firm BitGo," and "is clearly pursuing a 'buying the dip (buying the dip)' strategy."
Bitmain said in a press release the day before that its total assets amount to $14.2 billion. These included 3,313,069 ETH (about $13.7 billion), 192 BTC, $305 million in cash, and a $88 million stake in Eightco. The company holds about 2.8% of Ethereum's circulating supply and aims to secure 5% of the total supply in the long term.
According to CoinDesk technical analysis, Ethereum is seeing strong buying around $4,000 and is forming a 'double bottom (double bottom)' pattern. Short-term resistance levels were at the $4,050~$4,080 and $4,200 ranges.
Investment flows were mixed. Ethereum investment products saw net outflows of $169 million for the first time in five weeks, but 2x leveraged ETPs (exchange-traded products) still showed strong demand as moves to increase leveraged exposure continued.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
