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Analysis: BitMine Needs to Invest Another $19 Billion to Reach 5% Ethereum Supply Target Within Current Price Range
Summary: According to CryptoISO, BitMine currently holds over 1.7 million ETH and would need to purchase an additional approximately 4.3 million ETH to reach a 5% reserve target for Ethereum supply. At the current price of $4534, this transaction would cost around $19.5 billion. If ETH price approaches $4200, this cost would decrease to approximately $18.2 ...
According to CryptoISO, BitMine currently holds over 1.7 million ETH and would need to purchase an additional approximately 4.3 million ETH to reach a 5% reserve target for Ethereum supply.
At the current price of $4534, this transaction would cost around $19.5 billion. If ETH price approaches $4200, this cost would decrease to approximately $18.2 billion. The estimated daily trading volume for ETH is between $30 billion to $50 billion.
Analysis indicates that compared to Michael Saylor, who often makes large purchases of $500 million to $1 billion, causing Bitcoin prices to instantly rise by over 2%, Tom Lee is more experienced. However, this also suggests that after the low point of $4060, there is likely an invisible floor in the $4200 to $4400 range for ETH.
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Link: Analysis: BitMine Needs to Invest Another $19 Billion to Reach 5% Ethereum Supply Target Within Current Price Range [Copy]
