BitMine, the Ethereum-focused treasury firm chaired by Fundstrat\u2019s Tom Lee, bought roughly $83 million worth of ETH on Monday, with its existing holdings sitting deep in the red.<\/p>\n
The purchases came during another volatile session for Ethereum, with on-chain data showing heavy selling from other large holders and ETH trading near multi-month lows.<\/p>\n
Data from the analytics platform Lookonchain, posted on February 10 and 11, shows<\/a> Bitmine executed two large purchases of 20,000 ETH each from institutional platforms BitGo and FalconX.<\/p>\n Last week, the firm\u00a0bought<\/a> 40,613 ETH, and the week prior, it added 41,788 tokens. It now holds approximately 4.32 million ETH, acquired at an average cost of $3,850 per coin. However, at current levels around $2,040, Lookonchain estimates BitMine\u2019s average entry price leaves its position down more than $7.8 billion on paper.<\/p>\n Despite that, Lee has publicly dismissed the recent sell-off as disconnected from Ethereum\u2019s on-chain activity. In comments reported earlier this month, he said<\/a> BitMine viewed the pullback as attractive, given his view of strengthening Ethereum fundamentals, such as record-high daily transactions. He attributed the price weakness to factors like a rally in gold and a lack of leverage rather than problems with the Ethereum network itself.<\/p>\n Lee also stressed that Bitmine has no debt obligations that would force it to sell any of its ETH, a position that is in contrast to other large players like Trend Research, which, according to Lookonchain, has sold<\/a> nearly all of its Ethereum since early February, locking in losses of about $747 million after depositing more than 650,000 ETH to Binance during the drop.<\/p>\n Looking at the market, ETH is down about 1% over the past 24 hours, and nearly 13% in the last seven days. The world\u2019s second-largest cryptocurrency by market cap has also lost more than 34% of its value over the past month, according to CoinGecko data.<\/p>\n It fell below $2,000 on February 5 for the first time in months, but despite the volatility and evident selling from some large holders, other data points to a potential reduction in available sell pressure. For example, analyst CoinNiel recently reported that exchange reserves for ETH have dropped<\/a> to multi-year lows, suggesting longer-term holders are moving assets off trading platforms.<\/p>\n The market now presents a clear divide: one side is cutting losses after a severe downturn, while the other, led by firms like Bitmine, is doubling down on a long-term conviction play, betting that current prices do not reflect the network\u2019s underlying utility.<\/p>\n The post Bitmine Ignores $7.8B Paper Losses, Buys $83M Worth of ETH as Market Dips<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" BitMine, the Ethereum-focused treasury firm chaired by Fundstrat\u2019s Tom Lee, bought roughly $83 million worth of ETH on Monday, with its existing holdings sitting deep in the red. The purchases came during another volatile session for Ethereum, with on-chain data showing heavy selling from other large holders and ETH trading near multi-month lows. BitMine Adds […]<\/p>\n","protected":false},"author":0,"featured_media":134064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-134063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/134063"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=134063"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/134063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/134064"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=134063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=134063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=134063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum Price Struggles Amid Heavy On-Chain Movement<\/h2>\n