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Top Ethereum Treasury companies, SharpLink and BitMine are eying a strong rally as ETH price targets the key resistance at $3,000.
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Leading cryptocurrencies posted steady gains on Tuesday, October 13, as investors awaited September’s consumer inflation data against a backdrop of elevated oil prices.
Bitmine Immersion Technologies, which holds 4.9% of all Ethereum in circulation ($15.5 billion), plans to stop buying ETH once it reaches the 5% threshold. The author argues this is bearish for Ethereum because Bitmine has been the most persistent buyer over the past 12 months, employing a dollar-cost averaging strategy. With this major demand source disappearing and shifting to yield maximization strategies instead, Ethereum investors may face reduced price support.
Leading cryptocurrencies plunged on Monday, October 12, as geopolitical uncertainty and upcoming inflation data kept investors on edge.
Bitmine buys 12,532 Ethereum, nearing its 5% supply target as Tom Lee predicts crypto’s biggest bull cycle yet.
Top coins like XRP, Bitcoin and Ethereum have fallen in the past few days as ETF outflows continue rising ahead of US inflation data.
Ethereum dropped to a crucial support as the recent ETH ETF outflows gain momentum amid profit-taking.