Bitmine has significantly increased its investment in Ethereum with a $137 million acquisition, as the leading altcoin rebounds to the crucial $2,150 level, leading some market analysts to propose that the crypto market correction might be nearing its end. On Monday, Bitmine, the largest Ethereum treasury globally, announced that it has increased its investment in the King of Altcoins by acquiring approximately $137 million in ETH last week. In its latest weekly update, the company disclosed that it has acquired 65,341 units of a certain cryptocurrency in the past week, continuing its “increased pace of purchases in each of the past three weeks.” This indicates a significant increase in the average ETH purchases, currently falling between 45,000 and 50,000, in contrast to earlier weeks. In a significant move, Bitmine’s recent acquisition has elevated the company’s total crypto and cash assets to an impressive $11 billion at current market valuations. As of March 22, the second-largest crypto treasury firm boasts a substantial portfolio, holding a significant amount of Ethereum, a small quantity of Bitcoin, a $200 million investment in Beast Industries, a $95 million stake in Eightco Holdings as part of its “Moonshots” initiative, along with unencumbered cash totaling $1.1 billion.
Additionally, it holds 3.86% of the total supply and is nearing its goal of managing 5% of the leading altcoin’s 120.7 million supply. In the latest update, the firm reports a total of 3,142,643 staked ETH, valued at $6.5 billion based on the current price of $2,072 per ETH. Tom Lee highlighted that the company has maintained its increasing purchasing momentum, expressing their conviction that “ETH is in the final stages of the ‘mini-crypto winter.’” He pointed out, “crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450 basis points.” According to Lee, this has demonstrated that cryptocurrencies function as a “good ‘wartime’ store of value.” He also highlighted the recent progress made by the US Congress concerning the CLARITY Act, stating that it will act as a crucial fundamental catalyst for Ethereum and “another reason probabilities favor the crypto winter as being largely behind us.”
On Monday morning, Ethereum saw an increase alongside the wider crypto market after President Donald Trump announced a postponement of planned strikes on Iranian energy power plants for five days. Ethereum saw a remarkable 8% increase from the crucial $2,000 mark, successfully regaining the significant $2,150 zone. Analyst Ali Martinez noted that the King of Altcoin is “showing signs of a major structural shift,” emphasizing its strongest combination of technical support and on-chain signals in months. From a technical perspective, Ethereum is currently moving through a multi-year ascending triangle pattern on the weekly chart. This pattern suggests a potential breakout aiming for the 10,000 level.
He noted that the recent shift toward 1,800 acted as “a critical reaction point, aligning with the rising trendline of this multi-year structure.” Additionally, on-chain data confirms that the recovery “wasn’t just a random bounce,” as the MVRV ratio has recently fallen below 0.8, a level that has historically indicated a “generational buy zone.” He also noted that the important SuperTrend indicator has shifted from Sell to Buy for the first time since May, suggesting that the extended sideways phase is coming to an end, and a new uptrend is approaching.