BitMine Holds 4.97 Million ETH... Is Ethereum Signaling the End of Crypto Winter?

▲ Ethereum (ETH) ©

With institutional funds pouring in, Ethereum is emerging as a signal for the 'end of crypto winter'.

According to investment media FXStreet on April 20 (local time), Ethereum (ETH) is trading at around $2,310, and Ethereum treasury company BitMine Immersion Technologies acquired an additional 101,627 ETH last week, bringing its total holdings to 4.97 million ETH. This amounts to approximately $11.44 billion, nearing 82% of its target of securing 5% of the total supply.

Thomas Lee, Chairman of BitMine, characterized the current market as a 'mini crypto winter' but diagnosed that its end is imminent. He emphasized that Ethereum has risen 41% from its February low and recorded an outperformance of 2,280 basis points against the S&P500 since the war, evaluating it as "the strongest store of value in wartime situations."

He also pointed out that while past crypto bear markets were accompanied by stock market declines of over 20%, the US stock market has only fallen by approximately -8% in this cycle, indicating a structurally different trend. He also dismissed the market's expectation of a 'bear market lasting until the fall of 2026'.

Institutional demand is also confirmed in ETFs. According to SoSoValue data, Ethereum spot ETFs recorded a net inflow of $275.83 million last week, the highest since January. However, during the same period, liquidations totaling approximately $144.4 million occurred in the futures market, with $101.1 million coming from long positions, increasing short-term volatility.

Technically, after failing to break the $2,400 resistance, support was confirmed near the 20-day EMA at $2,252 and the 50-day EMA at $2,211, indicating an inflow of bargain-hunting. The Relative Strength Index (RSI) is at 55, and the Stochastic is at 61, leaving room for upward movement without overheating. The upside targets are $2,354 and $2,388 as initial resistance, while the downside targets are $2,211 and $2,107 as key support levels.

*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.*