Bitmine Buys $480 Million in ETH During Market Crash, Fueling Doubts About the Crypto Bubble

Crypto giant Bitmine has made a significant move during market turbulence, purchasing an astonishing $480 million worth of Ethereum amidst the recent downturn. This bold investment raises crucial questions about the sustainability of the current cryptocurrency boom. 128,718 ETH were purchased by Bitmine, representing a substantial stake in the digital currency landscape. The company now holds over 2.96 million ETH, or approximately 2.5% of Ethereum’s total supply, further solidifying its status as a leading player in the space.