BitMine crazily bought 77,000 ETH, the national treasury reached 3.31 million coins! The expectation for ETH to surge to 4,500 dollars is heating up.

On Tuesday, the price of Ethereum (commonly known as "姨太") rose by 2%, backed by a piece of news from BitMine, a Bitcoin mining company: last week it purchased another 77,055 ETH, bringing its total holdings to 3.31 million ETH, which accounts for nearly 2.8% of the total circulating supply of Ethereum, getting closer to the goal of holding 5% of the total supply.

In addition to ETH, BitMine also holds $305 million in cash, 192 Bitcoins, and $88 million in Worldcoin investments, with total assets reaching $14.2 billion as of October 26. It is currently the second largest digital asset repository in the world (second only to Strategy, which holds 640,000 Bitcoins) and is the institution with the most ETH globally, far surpassing the second place SharpLink with 859,000 and the third place The Ether Machine with 497,000.

As soon as the news broke, BitMine's stock price rose by 6%, and ETH also followed suit. The company's chairman, Thomas Lee, believes that the progress in US-China trade negotiations has boosted market sentiment, making funds more willing to flow into risk assets; moreover, the current market contract volume for ETH is comparable to that in June of this year (when ETH was around $2500). Combined with expectations for an ETH "super cycle," there is significant room for price increases at the current level.

From the data, ETH also shows momentum: in the past 24 hours, $124.6 million in short positions have been liquidated, indicating a significant reduction in short-selling pressure; moreover, ETH has already broken through the 50-day and 100-day moving averages, and on Monday it firmly stood above the $4100 resistance level, with expectations of advancing towards $4500 becoming increasingly strong.
#今日你看涨还是看跌？