Ethereum, like the entire crypto market, is showing signs of tension. Although the tokens are trading in the green, the bulls are not strong enough to counter the sellers.
Yet, amid these tough market conditions, Tom Lee’s BitMine is making headlines for adding more ETH to its coffers.
According to the latest data from Lookonchain, BitMine reportedly added another 40,000 ETH worth $82.07 million on April 4 from FlaconX, a crypto prime brokerage platform for institutions.
The timing raises eyebrows
These moves came as the Crypto Fear and Greed Index was in the ‘Extreme Fear’ zone.
If we sit back for a moment, if we look closely, the crypto market has been below the ‘neutral level’ in mainly ‘fear’ and ‘extreme fear’ zones since mid-January.
This highlights how companies like BitMine don’t wait for the market to improve. Instead of focusing on these short-term noises, institutions are actually betting on the token’s long-term conviction.
Drawing parallels in the Bitcoin ecosystem, Michael Saylor’s strategy with 762,099 BTC follows a similar strategy. In fact, if you look closely, Strategy has been an inspiration for many companies, including Metaplanet, Boyaa Interactive, American Bitcoin Corp. and more.
Ethereum treasury data and ranking
With this move, Bitmine’s total ETH supply now stands at 4,732,082 ETH worth $9.69 billion.
This is followed by SharpLink with 868,699 ETH, worth $1.77 billion, and The Ether Machine with 496,712 ETH, worth $1.01 billion. ETHZilla ranks 7th and owns approximately 69,802 ETH worth $141.92 million.
While Galaxy Digital ranks 9th with 29,200 ETH worth $59.33 million. With more than 30 entities, Ethereum Treasury’s total holdings are therefore 6,733,596 ETH worth $13.79 billion.
ETH price action and more
Zooming out, on the price front, ETH was trading at $2,028.64 after dropping 1.34% in the last 24 hours. Meanwhile, the Spot Ethereum [ETH] ETF already saw an outflow as a new quarter started.
Furthermore, ETH’s Net Transfer Volume from or to Exchanges chart shows that investors are withdrawing ETH from exchanges despite price weakness, indicating bullish long-term signals.
This coincided with the Ethereum Foundation bringing its total ETH holdings to around $139 million in just seven days – highlighting that big players are playing the long game.
Final summary
- The market conditions of ‘extreme fear’ do not act as a roadblock for companies that ignore short-term noise.
- Despite the weak price action, Ethereum’s Exchange Flow chart confirms the long-term bullish signal.