In a move that continues to establish itself as the world's largest Ethereum vault, BitMine Immersion Technologies (BMNR) continues to add to its rapidly growing Ethereum holdings.
Data provided by popular CryptoQuant analyst Maartun on Friday, December 19th, shows that the Ethereum-focused public company, chaired by Tom Lee, has added more than $300 million worth of ETH to its treasury in the past seven days.
This incredibly bullish move caught the attention of market participants because the purchase was made during one of the market's weakest periods, highlighting BitMine's strong resilience in the face of uncertainty.
BitMine is strong on Ethereum
Notably, the analyst shared a graph showing steady and large inflows into cryptocurrency wallets linked to BitMine accounts throughout the last week.
During the period, the market faced a prolonged correction, but inflows showed a significant increase in hourly balances, consistent with the market downturn.
According to the data, the accumulation occurred despite Ethereum retesting the $2,700 level and falling from recent highs above $3,300. This is not a big surprise as Bitmine has always viewed a pullback in the crypto market as a potential buying opportunity rather than a sell signal.
This week, BitMine made a series of large purchases of Ethereum, some of which exceeded 30,000 ETH in one hour. With these moves, BitMine continues to reaffirm its bullish stance and commitment to executing its long-term financial strategy.
As Chairman Tom Lee has often stated, Bitmine strongly believes in using volatility to build its rapidly growing Ethereum reserves at a more favorable price.
Ethereum retests $2,700
Despite showing signs of a brief resurgence earlier today, Ethereum fell for most of the day, retesting $2,777, a level not seen in more than two weeks.
Ethereum continues to show mixed price action, but investors remain uncertain whether there will be a significant rebound yet before the year ends.
Nevertheless, Ethereum is showing signs of potentially rebounding again, with a decent gain of 1.33% over the past 24 hours, trading at $2,981 at the time of writing.
