BitMine Nears 5% of Ethereum Supply with $3K Price Target Looming
BitMine continues to add to its Ethereum holdings, recently purchasing an additional 27,180 ETH tokens. This brings its total Etherum stash to 5.96 million tokens, or around 4.9% of the network's reported 122 million-token supply.
The company has been steadily increasing its ETH position through a weekly accumulation strategy that began in June 2023. It now holds more than 5.06 million ETH in staking, representing approximately 85% of its total Ethereum holdings.
Tom Lee, Chairman of BitMine, said the company's Etherum/BTC ratio has reached its highest level since January 30 and broken above a trendline that had limited Ethereum's relative performance since the COVID-era market cycle. He attributed this to rising institutional interest in tokenization and blockchain-based financial activity.
Ethereum price prediction suggests a breakout above $2,550 could bring the $3,000 area into view. However, Tom DeMark, a capital markets adviser to BitMine, expects a sharp upward move in the coming weeks, pointing to Ethereum's August trading pattern and its recent rebound from the June low.