Ethereum Price Recovers Amid BitMine's ETH Accumulation and ETF Outperformance
Ethereum's price has recovered to around $2,540 amid BitMine's continued accumulation of ETH and outperformance of Ethereum-based exchange-traded funds (ETFs).
BitMine Immersion (BMNR) scooped up 27,180 ETH last week, pushing its total holdings to 5.95 million ETH, representing roughly 4.9% of the circulating supply.
In contrast, crypto mining chip manufacturer Canaan sold off its entire Ethereum position of 3,952 ETH and 54 BTC for $13.9 million at an average price of $2,400 per ETH and $79,000 per BTC.
Bitfinex analysts suggest that the recent outperformance of Ethereum ETFs may not be due to pure directional positioning, but rather a 'cash and carry' strategy where traders use ETH ETFs as collateral for CME futures while earning yield through staking.