Bitmine Immersion Technologies has once again made the headlines.
On 02 March, the company announced it now controls assets worth $9.9 billion, involving 4.47 million ETH. That equals about 3.71% of all Ethereum [ETH] currently in circulation.
This move pushes Bitmine further along its “Alchemy of 5%” roadmap. With ETH trading near $1,976 at press time, the company is now clearly positioning itself for a long-term Ethereum bet, rather than a short-term price swing.
Additionally, it is actively staking 68% of its ETH. That is more than 3 million tokens, bringing in about $172 million per year in revenue.
Bitmine’s Ethereum game plan
In the last week of February, the company added 50,928 ETH, pushing its total staked Ethereum to 3.04 million ETH, worth around $6 billion.
Source: Lookonchain/X
Among public companies that hold crypto, Bitmine now ranks just behind Strategy, which owns 720,737 BTC worth about $47.5 billion. Strategy dominates Bitcoin [BTC], and Bitmine is trying to do something similar with Ethereum.
Additionally, BMNR stock also climbed by 7.48% to $20.40 as per Google Finance data.
Meanwhile, ETH was trading at $1,966.65 after a hike of 1.45% in the last 24 hours.
Ethereum’s MVRV paints a concerning picture
Interestingly, Ethereum’s on-chain data showed signs of capitulation. This suggested that many short-term holders may be sitting on losses, and fear might be high.
According to Santiment, Ethereum’s 30-day MVRV ratio recently dropped into deeply negative territory, reaching extreme lows near -30%. This implied that most short-term ETH holders were sitting on heavy unrealized losses – A classic sign of capitulation.
Source: Santiment
While the MVRV soon bounced slightly from those lows, it was still negative at press time. It had a value of around -16%, showing that recent buyers remain underwater.
However, the more important shift is in the weighted sentiment. After plunging sharply during the sell-offs, sentiment clearly turned north. It soon moved back into positive territory, signaling that fear might be fading and confidence could be slowly returning.
Is Chun Wang accumulating ETH?
Chun Wang, founder of F2Pool, has also been making calculated moves.
Source: Arkham/X
Over the last 45 days, wallets linked to him sent $240 million in stablecoins to Binance [BNB]. That likely means capital is being prepared for deployment.
In the last two weeks, $67.5 million worth of ETH was withdrawn from Binance and moved into a private wallet. Then, around $150 million worth of ETH was deposited into AAVE.
This suggested that he isn’t just holding ETH. He may be using it as collateral to earn yield or maintain liquidity. Simply put, he’s trying to make his ETH work for him, similar to Bitmine’s strategy of staking most of its holdings.
Final Summary
- Bitmine has been expanding its exposure during a period of market uncertainty, weighing strongly on Ethereum.
- Negative MVRV underlined pain, but improving sentiment might mean that that fear is cooling down.