Bitmain has no intention of retreating; Accumulation of another 35 million dollars of Ethereum in the heart of the bear market!

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BitMine, one of the largest corporate holders of Ethereum, managed by Tom Lee, has started buying heavily again at the height of the market downturn.

In recent hours, this company has purchased 17,722 units of ETH worth $34.7 million, bringing its total assets to 4.37 million Ethereum; About 3.3% of the circulating supply.

Bitmain’s ultimate goal is to accumulate 5% of the total supply of Ethereum, which the company has already reached more than 72% of this goal.

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Data from China shows that three wallets associated with Bitmain have accumulated more than 62 thousand ETH this week. These purchases have been made while Ethereum is trading about 60% below its historical high of $4,800.

For retail investors, these purchases could be a signal of institutional confidence in the price floors and the future of Ethereum digital currency, but as long as the selling pressure and weak demand continue, the trend reversal is not certain.