BitMine Buys Over 50,000 ETH and Moves Closer to the 5% Goal

BitMine Immersion Technologies’ BMNR stock has been trading sideways for nearly a month. However, recent developments suggest this could be a turning point for the company.
A notable purchase of over 50,900 ETH has sparked new interest, potentially signaling a change in BMNR’s price and Ethereum’s future.
Bold ETH Buy by BitMine: A Strategic Move in March
On March 2nd, BitMine made a significant buy, acquiring 509,928 ETH, increasing its total holdings to 3.71% of Ethereum’s total supply. This is only 1.29% short of the company’s 5% Ethereum holding target.

Although Ethereum’s price was declining at the time of purchase, BitMine Chairman Tom Lee believes March will be a pivotal month for Ethereum and the overall crypto market.
“We understand that news of war causes investor concern, but we expect the stock market to rally in March: led by MAG7, IGV software, and cryptocurrencies $BTC $ETH,” Lee stated.
CMF Indicator Shows Price Upside Potential
The Chaikin Money Flow (CMF) has shown a slight uptick, indicating increasing investor support for BMNR. While CMF remains below zero, the upward trend suggests outflows are decreasing, a positive sign for the company.
A shift of CMF into positive territory could confirm that BMNR holders are supporting the price, further boosting optimism about a potential reversal.
This slight increase indicates growing investor confidence and may signal upcoming capital inflows. If CMF crosses into positive territory, it would confirm a market sentiment shift favorable to BMNR.

Divergence in Price Rise Amid Geopolitical Challenges
The Money Flow Index (MFI) has shown bullish divergence since the start of the year. The indicator has formed lower highs while BMNR’s lows have also decreased, indicating diminishing selling pressure. Despite ongoing geopolitical instability in 2026, which increases global market volatility, the MFI suggests BMNR is on a potential recovery path.
Although external factors like geopolitical unrest have impacted BMNR’s price, the bullish divergence in the MFI indicates selling pressure is easing. This reduction in selling pressure could lead to a price rebound for BMNR in the near future.

Is BMNR Decoupling from ETH?
Currently, BMNR is trading at $20.40, just above the support level of $19.06. Maintaining this support is crucial for BMNR to eventually break through the resistance at $22.34. If BMNR stays above $19.06, it has potential for upward movement in the coming weeks.
Interestingly, the correlation coefficient between BMNR and Ethereum is decreasing, now at 0.36. This suggests BMNR is less likely to move in tandem with Ethereum, which is a positive sign. Ethereum is in an accumulation phase, providing more room for BMNR to move independently and potentially increase in value.

However, there is a risk if BMNR holders panic due to ongoing geopolitical events. If the $19.06 support level is broken, BMNR could drop to the next key support at $15.45. This would invalidate the current bullish outlook and require close market monitoring.