Bitmine Buys 44,036 Ethereum Worth $166M During Market Dip – Details

Ethereum is facing downward pressure, trading below $4,000 after a significant sell-off disrupted its summer uptrend. Analysts warn of a deeper correction if key demand levels are not defended amid weakening price action. However, institutional investors, like Bitmine, are actively accumulating ETH during this pullback, showcasing long-term conviction. Bitmine's holdings have grown to approximately 3.16 million ETH, valued at $12.15 billion, highlighting strong institutional support. Despite price hesitation, on-chain data indicates growing long-term confidence among investors. Ethereum's long-term investment thesis is bolstered by institutional participation, staking demand, and Layer-2 ecosystems. Currently trading around $3,847, Ethereum is testing a crucial support zone after failing to hold above $4,000. Bulls need to reclaim $4,000 and then $4,200 to revive bullish momentum, while failure to hold $3,800 could lead to further declines. The market is in a wait-and-see phase, where holding support is vital before any potential upside.