BlockBeats news, August 13, Bitmine plans to refinance up to $20 billion to increase its Ethereum holdings, aiming to hold 5% of the circulating supply, with market sentiment continuing to warm up. ETH has risen to around 4600, testing the historical supply zone of 4650–4900 that overlaps with the 2021 high; the previous high liquidity level of 4200 has been broken and turned into support, with structural support below at 3300.
Bitunix analysts suggest: Bitmine's increase plan is a 'long-term capital commitment', which has a positive impact on the supply-demand structure, but this is a medium to long-term factor that cannot change the short-term reality of market pressure in the historical supply zone. At the same time, the increase in institutional holdings will raise liquidity concentration, amplifying gains in a bull market, but also intensifying declines during corrections. Attention should be paid to the market's possible reaction of 'buying the expectation, selling the fact', so it is not advisable to chase highs solely based on good news. Currently, the price is close to the historical supply zone and derivative leverage is overheated; although the long-term bullish logic remains unchanged, the short-term faces the dual pressure of a supply wall and excessive leverage.
