Recently, ETH has been falling along with the broader market. When will it hit the bottom? I think there is one indicator that can be used as a reference, which is the cash position retained by BMNR.
Since November 24, BMNR's weekly cash position has hit new highs: November 24 - 800 million -> December 1 - 882 million -> December 8 - 1 billion -> December 15 - 1 billion. The cash position can be interpreted as BMNR's reserve funds to ensure they have capital for hoarding coins even if ETH is at a low level and mNAV is unfavorable for financing.
So if BMNR uses cash to hoard coins this week, it can prove that, in Tom DeMark's view, ETH has reached a short-term reversal moment. The specifics can be seen in next Monday's update.
$BitMine Immersion Tech(BMNR.US)
$IShares Ethereum Trust ETF(ETHA.US)
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