BitMine Takes Advantage of Chaos to Massively Buy Ethereum

As the year comes to an end, the crypto market seems to slow down. That said, some players continue their offensive. Such is the case of BitMine which has just massively bought Ethereum tokens.

BitMine strengthens its Ethereum strategy despite a pressured market

Pressure is intensifying on the crypto asset market. This mainly refers to the domino effect caused by so-called “tax-loss” sales.

Decoding: institutional investors liquidate their positions to reduce their taxable basis before December 31. Well known in the United States, this tactic accentuates the price drop in the crypto market.

Faced with this situation, BitMine adopts an accumulation strategy. Last Tuesday, the company acquired 32,938 ETH for an estimated value of 97.6 million dollars. According to data, it now holds 4.07 million Ethereum. This represents nearly 13 billion dollars.

BitMine therefore far outpaces its competitors by becoming the top buyer of “fresh money” ETH at the moment.

Staking, bots and opportunism: BitMine’s Ethereum plan takes shape

BitMine does not just massively buy Ethereum. It also acts long-term. The company has placed 118,944 ETH in staking. This approach allows generation of passive income while reinforcing its anchoring in the blockchain universe.

This approach attracts attention because it demonstrates strong confidence in Ethereum’s future (even in a bearish market).

Another striking fact: the absence of major players during the holidays leaves the field open to trading algorithms. Bots take control of transactions, thus creating heightened volatility. BitMine seems to benefit from this with precise operations.

By capitalizing on a tax window and doubling its staking efforts, BitMine thus imposes a pace. The market will need to closely watch the company’s next decisions, especially in terms of Ethereum acquisition.