Ethereum’s price may be experiencing a pullback due to the robust volatility in the crypto market, but bullish sentiment is starting to return on the institutional level. In a bold and bullish move, Bitmine Immersion has made another strategic ETH purchase, scooping up the altcoin on a large scale amid the ongoing volatile period.
Bitmine Immersion Is Buying Ethereum Again
After a brief period of quiet, Bitmine Immersion, a leading Ethereum treasury company, is back on the offensive. The treasury company has resumed its accumulation of ETH, a move that underscores the firm’s renewed conviction in the altcoin and its price prospects in the long term.
A crypto investor and tech enthusiast known as BMNR Bullz on X reported a fresh wave of large ETH purchases channeled into Bitmine’s reserves, triggering hopes of a market recovery. Bitmine’s recent acquisition aligns with the company’s ongoing strategy to bolster its treasury and stake holdings.
According to the report, the company has doubled down on ETH by acquiring over 40,718 ETH on Thursday. At current price levels, this ETH purchase is valued at a massive $137 million. This continuous accumulation stands out during a period of conflicting market sentiment, making it evident that the company believes Ethereum’s next growth phase is far from over.
Furthermore, this buy implies that smart money is now choosing to accumulate rather than sell. Despite the ongoing decline in the price of ETH, these investors are scooping up more ETH while everyone else hesitates. “When institutions buy dips, you know what comes next,” BMNR Bullz.
Corporations Accumulate, ETH’s Ready For A Rally
As Bitmine Immersion consistently purchases Ethereum, the firm’s Co-Chief Executive Officer (Co-CEO), Tom Lee, has outlined a bullish outlook for ETH’s price, predicting an impending surge to unprecedented levels. Lee shared his bold prediction in an interview on The Pomp Podcast.
In the interview, Lee highlighted Ethereum’s growing dominance in the financial sector, which is likely to drive the anticipated rally. The CEO stated that Wall Street is currently building and tokenizing products on the ETH blockchain. “Wall Street is not going to be building on the Bitcoin blockchain because they need a smart contract platform such as Ethereum,” he added.
Given that Wall Street is starting to adopt ETH at a rapid rate, the CEO declares that the altcoin is now in a super cycle. Meanwhile, Lee has forecasted that the price of ETH might rise to the $21,000 mark in the near term.
Wall Street’s growing adoption indicates that Ethereum’s fundamentals remain strong. According to crypto analyst Crypto-Gucci.eth, ETH is at an all-time high in fundamentals, including usage, utility, and institutional demand.
Presently, Crypto-Gucci.eth noted that the largest organizations in the world are discreetly reconstructing the global financial system on Ethereum rails while everyone freaks out over red candles. Thus, the market expert has urged investors to look beyond the noise, stating that the future is already here and it’s being built on Ethereum.
Featured image from Unsplash, chart from Tradingview.com
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