Is BitMine becoming Ethereum’s Michael Saylor? – 40,000 ETH buy says…

Ethereum, along with the entire crypto market, is showing signs of strain. Though the tokens are trading in green, the bulls are not strong enough to counter the sellers.

Yet, amidst this struggling market condition, Tom Lee’s BitMine is making headlines for adding more ETH to its treasury.

According to the latest data from Lookonchain, BitMine has reportedly added another 40,000 ETH worth $82.07 million from FlaconX, a crypto prime brokerage platform for institutions, on the 4th of April. 

The timing is raising eyebrows 

These moves came as the Crypto Fear and Greed Index stood in the “Extreme Fear” zone.

Taking a seat back, if we look carefully, the crypto market has been below the “Neutral Level” in mostly “Fear” and “Extreme Fear” zones since mid-January.

This highlights how firms like BitMine are not waiting for the market to improve. In fact, instead of focusing on these short-term noises, institutions are betting on the token’s long-term conviction.

Drawing parallels in the Bitcoin ecosystem, Michael Saylor’s Strategy with 762,099 BTC is following a similar strategy. In fact, if looked carefully, Strategy has been an inspiration to many firms, including Metaplanet, Boyaa Interactive, American Bitcoin Corp., and more. 

Ethereum treasury data and ranking

With this move, Bitmine’s total ETH stash now stands at 4,732,082 ETH worth $9.69 billion.

Following behind are SharpLink with 868,699 ETH, worth $1.77 billion, and The Ether Machine with 496,712 ETH, worth $1.01 billion. ETHZilla ranks 7th and holds about 69,802 ETH worth $141.92 million.

Whereas, Galaxy Digital ranks 9th with 29,200 ETH worth $59.33 million. Thus, with over 30 entities, the total Ethereum Treasury holding stands at 6,733,596 ETH worth $13.79 billion.

ETH price action and more

Zooming out, on the price front, ETH was trading at $2,028.64 after a drop of 1.34% in the past 24 hours. Meanwhile, the Spot Ethereum [ETH] ETF was seeing outflows even as a new quarter began.

Additionally, the ETH’s Net Transfer Volume from or to Exchanges chart shows that investors are pulling in ETH off exchanges despite price weakness, indicating bullish long-term signals.

This coincided with the Ethereum Foundation bringing its total staked ETH Holdings to around $139 million in just 7 days – highlighting that big players are playing the long game.

Final Summary

• “Extreme Fear” market conditions are not acting as a roadblock for firm’s who are ignoring short-term noises.
• Despite weak price action, Ethereum’s Exchange Flow chart confirms the long-term bullish signal.