Bitmine Closes In On 5% ETH Target as Analyst Sees Uptrend Resumption

Bitmine Immersion Technologies has continued its Ethereum-focused strategy by purchasing $69.4 million worth of ETH last week, bringing its total holdings to 5,929,198 tokens.

The company, which aims to own 5% of Ethereum's supply, is now roughly 171,000 tokens short of reaching this goal and could achieve it in less than seven weeks if it maintains the same pace as the previous week.

Tom DeMark, a capital markets adviser to Bitmine, expects a potential move higher for ETH in the coming weeks based on his technical indicators. 'ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move,' he said.