According to data from Arkham Intelligence, Bitmine – a company associated with renowned crypto analyst Tom Lee – has purchased an additional $142 million worth of Ethereum in just the past week. This move has increased Bitmine’s total holdings to over $10.7 billion.
Currently, Bitmine holds 3.8% of the total ETH supply on the market, with 2.5% staked to participate in the Ethereum network and earn profits. The company maintains a steady buying pace of around $100 million per week and still has $1.2 billion in cash ready to continue accumulating.
With this continuous strong buying trend, many investors are wondering when this “whale” will stop. This move is seen as a very strong bullish signal for ETH in the upcoming period.
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