The crypto market has been experiencing significant volatility over the past week, especially after the largest debacle on October 11. Ether has been one of the top losers during this period, facing significant downtrends. However, amid this Ethereum price crash, BitMine, the largest Ethereum Treasury Company, has made significant moves to bolster its ETH holdings.
As part of the company’s ETH accumulation strategy, BitMine has been utilizing the ‘buy-the-dip’ opportunity over the past week, acquiring more than 370,000 in just one week. Despite this massive purchase, the Ether price is still in the red zone, taking in notable losses.
BiMine Scoops Up $1.5B, But Ethereum Price Crash Continues
According to onchain data from Arkham Intelligence, BitMIne has purchased a total of 379,271 Ether, worth $1.5 billion, over the past week. These purchases were made in three tranches: 202,037 ETH following the weekend’s market crash. 104,336 tokens on Thursday, and 72,898 on Saturday.
In a recent Lookonchain data, BitMine has accumulated another 63,539 tokens, valued at about $251.6M. The analyst noted that three new wallets received these tokens from Kraken and Bitgo eight hour prior to the post.
Reportedly, the company now holds a staggering total of 3,299,553 Ether ($13.07B), comprising 2.73% of the supply. With the latest buy, BitMine continues to be the largest public holder of the cryptocurrency.
Ethereum Price Crash: 14% Dip Sparks Concerns
Even though the company is adding to its treasury, ETH continues to decline in price. At the time of writing, the cryptocurrency is trading at $3,852, marking a considerable loss of 4.8%, 6.5%, and 13.8% over the last 24 hours, week, and month respectively. While trading volume has increased slightly, it now sitting at $37.78 billion, up 4.39%, this indicates an overall positive investor sentiment among the market turmoil.
What’s Next?
The recent Ethereum price crash has raised worries about the altcoin’s potential. Nevertheless, analysts such as Ali Martinex are bullish on the crypto price, with a predictions stating it will hit $4,400 in a short period of time.
Additionally, Merlijn The Trader shared a comparison study between ETH and gold, claiming that the altcoion is just following gold’s breakout. Following the thread, he said that the cryptocurrency is following a similar trend. According to this perspective, if the pattern holds, it could potentially signal the start of a significant price surge for the altcoin, potentially even pushing the price to five digits.
