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BitMine Tops Up Treasury With 40,000 ETH as Crypto Sentiment Slumps
Ethereum and the broader crypto market are showing signs of stress. Prices have stayed marginally positive at times, but buyers have struggled to overpower persistent selling.
Against that backdrop, Tom Lee's BitMine has drawn attention for increasing its Ethereum exposure. On April 4, BitMine added 40,000 ETH valued at $82.07 million, sourced from FalconX, an institutional crypto prime brokerage, according to Lookonchain.
The purchase landed as the Crypto Fear and Greed Index remained in "Extreme Fear." The indicator has spent most of the period since mid-January below "Neutral," largely oscillating between "Fear" and "Extreme Fear," underscoring how some firms are positioning without waiting for sentiment to recover.
In the Bitcoin market, a comparable accumulation playbook has been associated with Michael Saylor's Strategy, which holds 762,099 BTC. The approach has influenced other corporate buyers, including Metaplanet, Boyaa Interactive and American Bitcoin Corp.
Following the latest addition, BitMine's ETH holdings total 4,732,082 ETH, worth about $9.69 billion. SharpLink ranks next with 868,699 ETH ($1.77 billion), followed by The Ether Machine with 496,712 ETH ($1.01 billion). ETHZilla is ranked seventh with roughly 69,802 ETH ($141.92 million), while Galaxy Digital ranks ninth with 29,200 ETH ($59.33 million).
Across more than 30 entities tracked, total Ethereum treasury holdings stand at 6,733,596 ETH valued at $13.79 billion.
On the market side, ETH was trading at $2,028.64, down 1.34% over the past 24 hours. Spot Ethereum [ETH] ETFs recorded outflows even as the new quarter began.
On-chain data points to longer-term positioning. Net transfer volume to and from exchanges suggests investors have been moving ETH off exchanges despite price weakness. Separately, the Ethereum Foundation lifted its total staked ETH holdings to around $139 million over the past seven days, signaling continued long-horizon participation from large holders.
Final Summary
Even with sentiment stuck in "Extreme Fear," institutional buyers are continuing to accumulate. Exchange flow data continues to support a longer-term bullish read despite near-term price softness.