Bitmine increased its bet on Ethereum (ETH) by buying 137 million dollars, as the King of Altcoins returned to the important level of $ 2,150, and some market observers called the end of the correction of the crypto market.
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Bitmine Adds 65,000 ETH During End Of Crypto Winter Calls
On Monday, the world’s largest Ethereum treasury, Bitmine, announced that it has continued to increase its bet on the King of Altcoins by buying about $137 million in ETH last week.
In its weekly update, the company reported that it received 65,341 ETH last week, maintaining “the increasing pace of ETH purchases over the past three weeks.” This shows a significant increase in acquisitions of 45,000-50,000 ETH from previous weeks.
Notably, the recent purchase of Bitmine has pushed the company’s total crypto and cash holdings to $11 billion at current prices. As of March 22, the second largest crypto treasury company holds 4,660,903 ETH, 196 Bitcoin (BTC), a total of $200 million in Beast Industries, a $95 million stake in Eightco Holdings as part of its “Moonshots” program, and approximately $1 million in cash.
In addition, it holds 3.86% of the total supply of ETH, and is approaching its goal of controlling 5% of the leading altcoin of 120.7 million supply. Meanwhile, the company’s total ETH concentration stands at 3,142,643, worth $6.5 billion at $2,072 per ETH.
The chairman of Bitmine, Tom Lee, emphasized that the company has maintained its increasing pace of purchases due to its premise that “ETH is in the final stages of the ‘mini-crypto winter.’
As he noted, “crypto in particular ETH has outperformed the broader market since the start of the Iran war, with ETH up 18% and equities outperforming by 2,450bp.” For Lee, this showed that cryptocurrencies are “a good ‘wartime’ store of value.”
He also highlighted the recent progress of the US Congress on the CLARITY Act, confirming that it will be a great catalyst for Ethereum’s fundamentals and “another reason that we may welcome the crypto winter as well behind us.”
Is Ethereum Bullish Momentum Back?
On Monday morning, Ethereum woke up along with the rest of the crypto market after President Donald Trump announced that he was postponing planned strikes on Iran’s power plants for five days.
Ethereum rose 8% to the psychological level of $2,000, and regained the key area of $2,150. Analyst Ali Martinez noted that the Altcoin King “shows signs of a major structural change,” as it has shown a strong combination of technical support and on-chain signals in months.
From a technical perspective, Ethereum is currently trading within a multi-year ascending triangle pattern on the weekly chart. This pattern suggests a possible breakout to the $10,000 level.
As he explained, the recent move toward $1,800 served as “a key reaction point, consistent with the upward trajectory of this multi-year structure.” In addition, on-chain data confirms that the recovery was “not just a random jump,” with the MVRV ratio recently falling below 0.8, which has historically been a “normal buying point.”
The fact that this on-chain reset occurred as the price tested the triangle support adds more weight to the bullish thesis.
He also highlighted that the key SuperTrend indicator has changed from Sell to Buy for the first time since May, suggesting that the extended sideways period is ending, and a new uptrend is beginning.
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Martinez concluded that a sustained move above the $2,350 area would be the first sign that Ethereum is breaking out of its accumulation and entering a “true bull market extension” and that any dip in the $1,800-$2,000 range should be “considered an opportunity as long as the $1,800 floor remains intact.”
Featured image from Unsplash.com, Chart from TradingView.com
