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BitMine moves $266M ETH today, highlighting large-scale staking, not market exits.
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Chairman Tom Lee projects ETH $7K–$9K early 2026, long-term potential up to $20K.
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Analyst Snyder warns of weak weekend pumps; traders should watch liquidity triggers carefully.
BitMine has made a massive move in Ethereum, staking $3.3 billion over the past three weeks. The company transferred $266.3 million in ETH today alone, directing it to the BatchDeposit contract used for staking.
Analyst Ted shows recent ETH outflows from BitMine-linked wallets, which highlight strategic allocation rather than market exits. Four major transfers occurred approximately 11 hours ago, each ranging between 19,000 and 23,000 ETH, worth $59 million to $71 million individually. Collectively, these moves total over 86,000 ETH.
Additionally, similar activity three days prior included multiple transfers from 17,000 to 28,000 ETH, indicating consistent staking and internal redistribution. Consequently, these patterns reveal BitMine’s methodical approach to staking and network participation.
BitMine’s Asset Position and Market Impact
As of December 29, BitMine held 4.11 million Ethereum, 192 Bitcoins, and $23 million in Eightco assets, amounting to total crypto and cash holdings of nearly $13.2 billion. Over $1 billion of this remains in cash, giving the company liquidity to navigate market movements.
Tom Lee, BitMine’s chairman, emphasized that year-end tax-loss selling temporarily depresses crypto prices. “We continue to be the largest ‘fresh money’ buyer of ETH in the world,” Lee stated.
Moreover, Lee projected bullish long-term growth for Ethereum, estimating a potential $7,000 to $9,000 range in early 2026 and a possible $20,000 as Ethereum expands into tokenization and payment adoption.
Ethereum Trading Insights
Meanwhile, analyst Lennaert Snyder outlined short-term trading strategies for ETH. Snyder expects weak weekend pumps and highlighted the $2,970 monthly open as a key resistance level. He advised waiting for liquidity triggers before executing trades, emphasizing caution in low-liquidity conditions. “No trigger, no trade,” Snyder noted. Hence, traders must monitor market structure closely next week to capture potential opportunities while avoiding unnecessary risk.
BitMine’s aggressive staking strategy shows confidence in the long-term growth of Ethereum, while analysts warn of short-term volatility. In addition, this consolidation of large ETH holders into staking contracts might affect network dynamics and liquidity.
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