According to ChainCatcher, BitMine currently reports holding over 1.7 million ETH. To reach the reserve target of 5% of Ethereum's supply, they need to purchase an additional approximately 4.3 million ETH. At the current price of $4534, this transaction would cost about $19.5 billion, and when the ETH price approaches $4200, this cost will decrease to about $18.2 billion. The estimated daily trading volume of ETH is between $30 billion and $50 billion.
The analysis indicates that, compared to Michael Saylor, who often used to purchase large amounts of $500 million to $1 billion, each time pushing the Bitcoin price up by more than 2% instantly, Tom Lee is clearly more seasoned. However, this also means that after the low of 4060, ETH is likely to have an 'invisible floor' in the range of 4200 to 4400.
