Ethereum reserve enterprise BitMine announces an additional purchase of nearly 140,000 ETH, bringing its total holdings to 3.86 million ETH. In this month’s chairman’s address, Tom Lee specifically mentioned that about five weeks ago, the BitMine team hired Tom DeMark, known for his expertise in “market timing,” to analyze cryptocurrency price trends. The DeMARK indicator shows that ETH has bottomed out, and BitMine will intensify its efforts to continue buying Ethereum.
BitMine buys more ETH, total holdings reach 3.72 million
Yesterday, BitMine disclosed its latest cryptocurrency holdings. As of December 7, BitMine held assets worth $13.2 billion, including:
3,864,951 ETH
192 Bitcoin
$36 million worth of Eightco Holdings stock (ORBS)
$1 billion in undistributed cash
DeMark indicator shows ETH has bottomed, will continue to increase holdings
In the past week, BitMine acquired 138,452 ETH, a 156% increase compared to the 54,156 ETH acquired four weeks ago (the week of 11/17).
In this month’s chairman’s address, Tom Lee specifically mentioned that about five weeks ago, the BitMine team decided to hire Tom DeMark to analyze cryptocurrency price trends. Tom DeMark is a legendary market timing expert. Fundstrat previously leveraged his predictions to accurately identify two important market lows: the March 2020 low and the April tariff low.
Tom DeMark now has only two clients, with BitMine being his second client, and his fees are indeed very high. Tom DeMark advised BitMine to significantly slow down its Ethereum purchases. As shown in the chart below, after hiring Tom DeMark, the number of ETH purchases by BitMine was cut in half, dropping to 50,000 per week. However, the company has now resumed buying Ethereum, and this week will certainly increase purchases again, as the company believes that Ethereum’s price has in fact bottomed out.
BitMine connects Wall Street, Ethereum, and DeFi
Regarding BitMine’s overall strategy, Tom Lee described BitMine as connecting Wall Street, Ethereum, and DeFi. BitMine is already the world’s largest holder of Ethereum.
BitMine has launched the Mavan staking solution, which is expected to generate about 2.9% staking yield from its Ethereum holdings. This translates to approximately $400 million in net income per year, or $1.3 million per day.
BitMine is also making some highly promising investments and is working closely with the Ethereum Foundation to truly build a bridge between Wall Street and the crypto world.
Additionally, BitMine is actively seeking opportunities to invest in DeFi projects and is currently setting up BitMine Labs, with plans to launch bridge financing services.
This article, “DeMark indicator shows ETH has bottomed, BitMine adds nearly 140,000 ETH,” first appeared on Chain News ABMedia.
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