ETH's promised upgrade market seems to have no good news yet,
Bitmine holds 3.08% ETH ($11.35 billion), now aiming for a 5% target,
Supply is getting tighter, and the market doesn't seem to have arrived yet.
In 2021, Tesla spent $1.5 billion to buy BTC, but when Musk shouted, it surged, proving that the accumulation by big players is a barometer.
Bitmine is now pushing for a 5% ETH supply; do you think this will directly push ETH above $4,000, or will it first stabilize and digest?
I think it will first stabilize and digest for a while, and then steadily push above $4,000, even higher. The probability of a direct surge above $4,000 is low.
ETH prices hover around $3,030-$3,050, leaving 20-30% room to $4,000.
Bitmine's accumulation is indeed aggressive, with another $800-$900 million to invest to reach the 5%,
Last week during the Fusaka upgrade, it bought several hundreds of millions.
Exchange supply is down to 8.7% (the lowest since 2015), combined with staking lock-ups and institutional ETF purchases, supply squeeze is real,
This is definitely a super bullish sign for the medium to long term, retail selling pressure is reduced, making prices easier to soar.
But in the short term?
The market is still digesting the recent pullback, and there is a bit of uncertainty macro-wise (like the Federal Reserve),
Large capital accumulation is often a discreet accumulation, it won't just explode the price immediately.
The more they buy, the more they hope to accumulate at lower points.
Historically, similar to MicroStrategy accumulating BTC, it wasn't overnight riches; first, they stabilized and built positions, then slowly climbed.
If there really are catalysts, like interest rate cuts, positive news post-Fusaka, or a big boom in RWA,
The speed of breaking $4,000 could be very quick, so keep an eye on it, even Tom Lee's higher targets are plausible.
But for now, I bet it will stabilize in the $2,800-$3,500 range for a while, digesting, then slowly grind upwards.
Don't rush, holding is profit; what do you think? Should we add a small position? Haha.
One thing is very certain: there is no problem with ETH hitting $5,000, the key is you have to hold.
