BitMine, the world’s largest Ethereum treasury, has bought more than 379,000 ETH, worth approximately $1.5 billion, since the recent market crash. The accumulation occurred in three phases: 202,037 ETH after the weekend crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday.
Bitmain now holds over 3 million Ether, or 2.5% of the total supply, and is halfway to its 5% target. The accumulation began in early July, when Ethereum was trading in the $2,500 range.
Despite warnings about the potential collapse of the digital treasury (DAT) bubble, Bitmain CEO and renowned analyst Tom Lee remains bullish on Ethereum, believing the asset could play a similar role to gold in the stock market in the 1970s.
The crypto market is still about 15% below its all-time high after the recent correction, and despite selling pressure, institutional accumulation activity and long-term investors suggest that the market fundamentals for a price rebound are strengthening.
