BitMine Buys Over 50,000 ETH, Aiming for Ethereum Domination – Could This Be The Big Break?

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Ah, BitMine Immersion Technologies (BMNR). The company that has been stuck in neutral for nearly a month. But, wait, could this be the moment of its great escape? Hold on to your hats, folks!

A monumental purchase of over 50,900 ETH has just dropped, shaking things up like a kid in a candy store. Could this be the first sign of BMNR making a move that even Ethereum’s (ETH) most dedicated followers are whispering about?

BitMine’s Bold ETH Purchase: A Masterstroke for March

March 2. The day BitMine decided it was tired of playing it safe and decided to go big. A grand total of 50,9928 ETH was snatched up, pushing BMNR’s holdings to 3.71% of all Ethereum supply. Just 1.29% shy of the almighty 5% target. Not too shabby, right?

And while Ethereum’s price was looking as red as a tomato at the time, Tom Lee, BitMine’s chairman, is convinced that March is the month when everything changes. If you think March is just for leprechauns and green beer, think again. This month could make or break the whole crypto scene.

“Sure, war headlines freak investors out, but we see stocks going up in March, led by MAG7, software IGV, and, of course, crypto with $BTC and $ETH (sic),” Lee boldly declared.

CMF Indicator Shows Potential Bullish Momentum

And then there’s the Chaikin Money Flow (CMF), showing signs of life. It’s not quite a full-blown bull, but hey, at least it’s not dead. The CMF is creeping upwards, meaning investor support for BMNR might be gathering momentum. But hold your horses, it’s still below zero, so don’t start popping champagne just yet.

If the CMF crosses into the positive, well, then we might just have ourselves a confirmation that BMNR’s supporters are ready to take the wheel. A price reversal could be on the horizon, folks. Watch closely.

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Bullish Divergence Amidst Geopolitical Challenges

The Money Flow Index (MFI) is painting a rather curious picture: a bullish divergence since the start of the year. The MFI’s lower highs contrast with BMNR’s lower lows, hinting that the selling pressure is, shall we say, getting tired. Even amidst geopolitical drama shaking up 2026, the MFI is acting like a defiant rebel, suggesting BMNR could be ready for a glorious comeback.

While global volatility has done its best to rattle BMNR’s price, the MFI is signaling that the selling frenzy is losing steam. Less selling pressure = more room for BMNR to break free and soar, possibly.

Is BMNR Price Breaking Up With ETH?

As of now, BMNR is chilling at $20.40, just above its $19.06 support level. Let’s get this straight: maintaining that support is crucial. If it stays above $19.06, BMNR could make a run at the $22.34 resistance. So, yeah, it’s not out of the realm of possibility.

But here’s the juicy bit: the correlation between BMNR and Ethereum is dropping faster than a hot potato. The correlation is down to 0.36, meaning BMNR is no longer shadowing Ethereum’s every move. Could this be BMNR’s chance to dance to its own beat and make a move independent of Ethereum’s price? The answer, my friends, might just be yes.

But don’t get too comfortable. There’s a risk. If BMNR holders get jittery due to the geopolitical mess, that $19.06 support could crumble faster than your New Year’s resolution. If that happens, BMNR could slide down to the next major support at $15.45. So, as always, keep your eyes wide open, because the crypto world is a wild ride.

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2026-03-03 23:25