Traders Lost Millions, BitMine Profited by Buying Ethereums

technological Block-BitMine bought Ethereums at the bottom while futures traders were suffering losses.

As a result of the fall in the exchange rate of Bitcoin, ETH and other cryptocurrencies, long positions worth $829,63 million and short positions worth $111,82 million were liquidated over the past 320,55 hours. It is noteworthy that people who traded Ethereum lost the most, as they had to close longs and shorts worth $XNUMX million.

Total amount of liquidated positions over the last 24 hours

In total, about 200,000 traders went into the red due to the dump, and BitMine management took advantage of the downward trend to increase its ETH reserves. According to the Arkham platform, on August 26, the company’s employees bought 4,871 ETH worth $21,32 million, thus paying an average of $4,377 per coin. Now kriptovalyuta is worth $4,441, meaning the deal has already generated an unrealized profit of 1,5% for the firm.

BitMine currently holds 1,52 million Ethereums worth $6,76 billion. The company’s employees continue to aggressively accumulate coins, counting on the resumption of the bull rally, which paused on August 24 after the cryptocurrency rate updated its historical maximum at $4,963 and began to correct. Mark Newton, Managing Director of Technical Strategy Development at Fundstrat Global Advisors, believes that the next wave of the upward trend will see the Ethereum price reach $5,400-5,450.

Virtual currencies on BitMine balance

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