Ethereum is back over $3.3k for the first time in nearly a month, briefly touching the $3.4k level just a few hours ago. Yesterday, the leading Digital Asset Treasury company for Ethereum, Bitmine (NASDAQ: BMNR), posted an update on its holding through December 8th. They possess nearly 4m in ETH, 192 BTC, $1b in cash, and a $36m stake in Eightco Holdings (NASDAQ: ORBS). Tom Lee has stated the company’s goal is to own 5% of the ETH supply, and they continue to purchase Ethereum on a weekly basis. As of yesterday, Bitmine had purchased 138,452 ETH over the prior week, the largest purchase week for Bitmine since mid October. Bitmine trails just Strategy (NASDAQ: MSTR) as the 2nd largest crypto treasury in the world.
The influence on markets of seeing large purchases publicly posted is always great fuel for the algo’s, and general market sentiment. This could be just what ETH needs to break out of its sideways trading rut, following closely on the Fusaka upgrade last week. ETH continues to be the home of innovation for on chain finance, with certain Wall Street leaders continuously mentioning the tokenization of everything being the future of finance.
In futures markets, ETH is seeing a near 11% annualized funding rate this afternoon. Traders are getting more optimistic, as this rate level on centralized exchanges hasn’t been seen for quite a while. Clearing the $3.3k level is having a positive psychological effect on markets, and could lead to a larger run up through the week. Tomorrow’s FOMC will be closely watched. Stay tuned.
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