Bitmine has increased its bet on Ethereum (ETH) with a $137 million purchase, as the King of Altcoins reclaims the crucial $2,150 level, and some market observers call for the end of the crypto market correction.
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Bitmine Adds 65,000 ETH Amid End Of Crypto Winter Calls
On Monday, the largest Ethereum treasury in the world, Bitmine, announced it continued to ramp up its bet on the King of Altcoins by purchasing roughly $137 million in ETH last week.
In its weekly update, the company reported it acquired 65,341 ETH over the past week, maintaining its โincreased pace of ETH buys in each of the past three weeks.โ This represents a significant increase in the average 45,000-50,000 ETH acquisitions from prior weeks.
Notably, Bitmineโs latest purchase has pushed the companyโs total crypto and cash holdings to $11 billion at current prices. As of March 22, the second-largest crypto treasury firm holds 4,660,903 ETH, 196 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings as part of its โMoonshotsโ initiative, and unencumbered cash worth $1.1 billion.
In addition, it holds 3.86% of ETHโs total supply, and nears its goal to control 5% of the leading altcoinโs 120.7 million supply. Meanwhile, the firmโs total staked ETH stands at 3,142,643, worth $6.5 billion at $2,072 per ETH.
Bitmineโs chairman, Tom Lee, highlighted that the company maintained its increasing purchasing pace due to its base case that โETH is in the final stages of the โmini-crypto winter.โโ
As he noted, โcrypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450bp.โ To Lee, this has demonstrated that cryptocurrencies are a โgood โwartimeโ store of value.โ
He also highlighted the US Congressโs recent progress on the CLARITY Act, affirming that it will be a positive fundamental catalyst for Ethereum and โanother reason probabilities favor the crypto winter as being largely behind us.โ
Ethereum Bullish Momentum Returned?
On Monday morning, Ethereum rose alongside the rest of the crypto market after President Donald Trump announced he was postponing planned strikes on Iranian energy power plants for five days.
Ethereum surged 8% from the $2,000 psychological level, reclaiming the crucial $2,150 area. Analyst Ali Martinez noted that the King of Altcoin is โshowing signs of a major structural shift,โ as it has shown the strongest combination of technical support and on-chain signals in months.
From a technical perspective, Ethereum is currently trading within a multi-year ascending triangle pattern on the weekly chart. This pattern suggests a potential breakout towards the $10,000 level.
As he explained, the recent move toward $1,800 served as โa critical reaction point, aligning with the rising trendline of this multi-year structure.โ In addition, on-chain data confirms that the recovery โwasnโt just a random bounce,โ with the MVRV ratio recently dropping below 0.8, which historically has been a โgenerational buy zone.โ
The fact that this on-chain reset happened exactly as price tested the triangleโs support adds massive weight to the bullish thesis.
He also highlighted that the key SuperTrend indicator has flipped from Sell to Buy for the first time since May, suggesting that the extended sideways period is ending, and a new uptrend is beginning.
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Martinez concluded that a sustained move above the $2,350 area would be the first signal that Ethereum is exiting its accumulation range and entering a โtrue bull market expansionโ and that any dips into the $1,800-$2,000 range should be โviewed as an opportunity as long as the $1,800 floor remains intact.โ
Featured Image from Unsplash.com, Chart from TradingView.com
