Bitmine Immersion, a treasury firm focused on Ethereum, has initiated the staking of ether by transferring 74,880 ETH, which is valued at approximately $219 million according to on-chain data shared by traders. This strategic move comes as the price of Ethereum hovers below the critical $3,000 mark.
Traders have noted that the leverage pools are nearing the $3,000 price point, indicating significant market activity. The transfers, highlighted through various wallet trackers, signify the firm”s initial batch of staking deposits aimed at validator onboarding.
Bitmine”s staking activity aligns with its treasury strategy, which has been centered around accumulation of assets. The CEO of Bitmine, Tom Lee, previously discussed ambitions for a “Made in America Validator Network,” or MAVAN, with plans for expansion expected in the upcoming quarter.
Currently, Bitmine”s holdings include around $10.759 billion in Ethereum assets, with an estimated total of 4.06 million ETH in its treasury, translating to an approximate value of $11.9 billion. Analysts are estimating staking yields to be around 3.2%, with expectations of increased returns should more ETH be allocated to staking. The firm aims to increase its share to about 5% of the total circulating ETH, currently holding approximately 3.4%.
In the market, some reports suggest that Ethereum has faced unrealized losses between $3.5 billion and $4.2 billion in recent pullbacks, while other treasury firms have been reducing their positions. In a notable transaction, Bitmine was linked to a significant purchase of ETH worth $199.4 million in a single day.
Market analysts have identified key liquidation clusters near the $3,000 and $2,900 levels. A recent heatmap analysis indicated that short liquidations could be triggered if Ethereum breaches the $3,000 barrier, potentially leading to a rapid increase in price as shorts cover their positions. Conversely, a decline below $2,900 may result in long liquidations, creating a potential downward pressure as leveraged positions are unwound.
The near-term focus for Ethereum traders is on the critical price points of $3,000 as resistance and $2,900 as support. A sustained price movement above $3,000 could convert that level into a supportive base, encouraging further buying activity. Analysts are also observing Ethereum”s Stochastic RSI, which is showing a bullish crossover, a technical signal that has historically preceded upward price movements.
Overall, Ethereum”s price dynamics are being closely monitored as traders navigate the complexities of market sentiment and technical indicators, with the potential for notable price action as these key levels are tested.
