BitMine, buys an additional 25,000 ETH... Is it trying to break through the bear market head-on?

▲ Ethereum (ETH)

As the bear market lengthens, BitMine has made an additional purchase of Ethereum (ETH) worth $50,413,250, drawing the market's attention back to large Ethereum holders.

According to cryptocurrency media outlet U.Today on May 30 (local time), data from blockchain monitoring firm Lookonchain revealed that BitMine acquired an additional 25,000 ETH. The purchase amounted to $50,413,250 based on Ethereum's price at the time.

This purchase follows BitMine's acquisition of $237 million worth of Ethereum approximately a week earlier. U.Today reported that the previous purchase was BitMine's largest weekly acquisition confirmed since 2026.

In this transaction, BitMine reportedly withdrew a large amount of Ethereum from Kraken, one of the world's major cryptocurrency exchanges. U.Today reported that BitMine maintains its status as the world's largest Ethereum holder, and its continued purchases despite the market downturn are attracting attention from the cryptocurrency community.

However, the Ethereum market situation remains challenging. U.Today stated that Ethereum has struggled to maintain support near $2,000 amidst long-term volatility, and there are predictions that if the bearish trend continues, a price bottom could form around $1,000.

Recently, signs of short-term recovery have appeared in the cryptocurrency market, with Ethereum showing a trend of maintaining support above $2,000. U.Today reported that some analyses see the possibility of an Ethereum price breakout if it withstands downward pressure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*