Strategy Acquires 1,129 BTC, Bitmine Adds 44,463 ETH Amid Market Downturn

Despite a significant correction in Bitcoin (BTC) and Ethereum (ETH) prices, Strategy and Bitmine Immersion have bolstered their portfolios. Strategy purchased 1,129 BTC between December 22 and 28 at an average price of $88,568, totaling $108.8 million. Bitmine Immersion added 44,463 ETH in the past week, bringing its total to 4,110,525 ETH, which is about 3.41% of the entire Ethereum supply.

Price Action Details

BTC is currently trading at around $87,400, down 6% year-to-date. ETH is trading just above $2,920, with a year-to-date loss of 12%. Key support levels for BTC are at $85,000, while ETH faces resistance at $3,550. Trading volumes for both assets are below their 30-day average, with BTC volume at $24 billion and ETH at $10 billion. The market cap of BTC stands at $1.6 trillion, while ETH's is at $350 billion.

Driving Factors

The recent acquisitions by Strategy and Bitmine are seen as a vote of confidence amidst the market downturn. On-chain data indicates that large holders, or 'whales', have been accumulating both BTC and ETH, with transactions over $100,000 increasing by 15% in the last week. Tom Lee of Fundstrat and Bitmine noted that year-end tax-loss selling is likely contributing to the downward pressure on cryptocurrency prices. The news of these acquisitions has provided a slight boost to sentiment, but has not yet reversed the overall trend.

Broader Market Context

The broader crypto market has been under pressure, with the total market cap down 8% in the last month. DeFi Total Value Locked (TVL) has decreased by 10% to $50 billion, reflecting the market's bearish sentiment DefiLlama. The Fear & Greed Index currently sits at 35, indicating fear in the market. Analysts at Galaxy Digital suggest that Bitcoin may see further consolidation before a potential recovery in Q1 2026 Crypto News. Meanwhile, Strategy's stock (MSTR) trades at $156, down 71% from its all-time high of $540, and Bitmine's stock (BMNR) is at $28.40, down 82% from its peak of $161 CoinGecko.