BitMine and Trend Research Lead Latest Ethereum Buying Spree Amid Market Weakness
Major entities like BitMine and Trend Research are aggressively buying Ethereum despite recent price weakness, indicating strong long-term conviction.Summary
Despite recent price weakness that saw Ethereum trading around $2,929, major market participants are increasing their exposure, suggesting intact long-term conviction. Blockchain analytics firm Lookonchain highlighted that BitMine Immersion Technologies purchased 67,886 ETH ($201 million) following an earlier acquisition, bringing its total holdings past 4 million ETH. Separately, Trend Research, led by Jack Yi of LD Capital, acquired 46,379 ETH, with Yi stating the firm is preparing another $1 billion for ETH purchases and advising against shorting the asset. A large whale wallet also added 40,975 ETH. However, the market shows a split, as Arthur Hayes sold ETH to rotate into DeFi names, and another whale deposited 100,000 ETH into an exchange, often a precursor to selling. Despite these opposing flows, selling activity among long-term ETH holders has reportedly collapsed by over 95%.
(Source：BeInCrypto)