 ▲ Ethereum (ETH) © |
Even amid the prolonged downturn in the crypto asset market, large institutions have continued an aggressive accumulation rally targeting Ethereum (ETH), drawing significant attention. Despite posting massive book losses amounting to $8 billion, they are betting on long-term growth value and pursuing aggressive accumulation with the goal of securing 5% of the total supply.
According to investment media outlet FXStreet on February 17 (local time), Ethereum treasury firm Bitmine Immersion purchased an additional 45,759 ETH last week, extending its weekly buying streak. With this acquisition, the company’s total holdings increased to 4.37 million ETH, valued at $8.67 billion at the time of disclosure—representing 3.62% of the total circulating supply.
Bitmine has already deposited 3.04 million of its holdings with three staking service providers to maximize returns. The company, which has reiterated plans to launch a U.S.-based validator network solution, estimates that staking its entire holdings could generate an annual profit of $252 million. Bitmine Chairman Thomas Lee stated that Ethereum has demonstrated strong long-term growth drivers and perfect market fit, citing AI payment verification, Layer 2–based creator ecosystems, and Wall Street’s tokenization of real-world assets.
Current sentiment and enthusiasm among retail investors have hit rock bottom, reminiscent of the November 2022 lows and the deep despair of the 2018 crypto winter. According to on-chain analytics platform Lookonchain, Bitmine’s average purchase price for Ethereum stands at around $3,800, leaving the company with an unrealized loss of approximately $8 billion at current market value. Nevertheless, Chairman Lee emphasized that the firm will continue its steadfast accumulation strategy based on its conviction in Ethereum’s exceptional future value, regardless of short-term price movements. In addition to Ethereum, Bitmine reportedly holds 193 Bitcoin (BTC), a $200 million stake in Beast Industries, $17 million worth of Worldcoin (WLD)-related Aetco Holdings shares, and $670 million in cash reserves.
In contrast to Bitmine’s bold moves, Ethereum’s short-term price action remains under heavy pressure. According to CoinGlass data, over the past 24 hours, a total of $43.1 million in liquidations occurred, including $25.4 million in long-position liquidations. After experiencing a sharp decline in early February, Ethereum has been trading sideways for two weeks in a narrow range around $1,980, struggling to find momentum for a rebound.
Technical indicators also suggest that bearish momentum is likely to prevail for the time being. On the daily chart, both the Relative Strength Index (RSI) and the Stochastic Oscillator remain below neutral levels, indicating dominant downward pressure. Experts warn that to shake off its short-term bearish outlook, Ethereum must decisively break above the 20-day exponential moving average and the strong resistance level at $2,388 and hold above them. If it fails to defend the $1,741 support level, the price could slide to as low as $1,404.
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