- Longling Capital buys 5,000 ETH at $21.57 million.
- Bitmine buys another 10,230 ETH worth $44.57 million.
- ETH accumulation race shows no sign of slowing down.
Despite the fact that ETH price is rising or declining, ETH accumulation from reputed institutions and treasuries show no signs of slowing down. To highlight, Longling Capital buys 5,000 ETH at $21.57 million as Bitmine buys another 10,320 ETH worth $44.57 million. This continued dedication to ETH accumulation over BTC accumulation from most financial institutions shows strong faith in the pump potential of Ethereum (ETH).
Longling Capital Buys 5,000 ETH at $21.57 Million
The ongoing bull cycle has yet to usher in the peak altseason phase, a phase that can only occur once the pioneer altcoin ETH goes on to set a string of new ATH prices. This event is expected to arrive in the following quarter, where the price of ETH will enter price discovery with resilience and strength, pulling altcoin prices up along with it. Last month, ETH set its first ATH this bull cycle in the $4,900 price range, analysts hope to see ETH at $5,000 soon.
At the moment, most financial institutions and treasuries are accumulating ETH at a rapid pace, not just to meet the demand of ETH ETF, following the success of its launch, but because the explosive price pump expectation of ETH seem much more bullish than bull cycle pump expectations for BTC, at the current pace of the crypto market. Over the past few weeks, ETH has been outperforming BTC continuously, leading many entities to change their investment strategy.
To highlight, many entities like BlackRock began to pivot their strategy started to accumulate more ETH over BTC. Meanwhile, others like Bitmine Immersion, completely shifted their mission and swapped all their BTC to ETH becoming a sole ETH treasury. They also stopped all BTC mining operations and now have a new goal of collection 5% of the total ETH supply, under the leadership of Tom Lee.
Bitmine Buys Another 10,320 ETH Worth $44.57 Million
In detail, Tom Lee believes that the price of ETH will go on to hit an ATH of $10,000 to $16,000 by the end of December this year, and expects each ETH token to hit a value between $60,000 and $62,000. His goal of owning 5% of the ETH total supply has already led to a rapid accumulation of almost 2% of the total ETH supply, beating even Saylor’s speed in accumulating BTC.
As we can see from the posts above, the latest ETH accumulation frenzy came from Longling Capital, known for buying low and selling high, having just bought 5,000 ETH at a value of $21.57 million. This buy was followed soon after a 7,000 BTC buy. Currently, the entity holds 88,589 ETH worth $383 million. Similarly, Bitmine Immersion bought another 10,320 ETH worth $44.57 million in the past 12 hours and currently holds 2,079,763 ETH at a value of $8.94 billion.
