Tag Archives: ethereum-focused

BitMine Appoints Chi Tsang as CEO Amid Leadership Reshuffle

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**BitMine Immersion Technologies Appoints Chi Tsang as CEO, Targets 5% of Ethereum Supply**

BitMine Immersion Technologies has announced a significant leadership shift with the appointment of Chi Tsang as Chief Executive Officer, along with three new board directors on November 14. This move comes as the Ethereum-focused firm looks to redefine its strategy in the digital asset industry.

**Leadership Overhaul to Strengthen Ethereum Strategy**

With Chi Tsang taking over from former CEO Jonathan Bates, BitMine is reinforcing its commitment to becoming a major institutional force within the Ethereum finance landscape. The new leadership team is expected to bring fresh insights and strategic direction as BitMine aims to increase its Ethereum holdings.

According to Tom Lee, Chairman of BitMine, “The new members of the board have been carefully selected to provide a unique blend of experience, insight, and leadership across technology, DeFi, and financial services. This will help BitMine push further on its goal to hold 5% of Ethereum’s supply while bridging the gap between the traditional capital markets and the Ethereum ecosystem.”

**BitMine’s Ambitious Ethereum Holdings Strategy**

BitMine’s bold objective to hold 5% of Ethereum’s supply places the firm alongside the world’s largest institutional treasuries. This strategy underscores a growing trend among public firms to accumulate significant digital assets, signaling increasing institutional interest in Ethereum and broader blockchain technologies.

**Ethereum’s Market Position Under Scrutiny**

Currently, Ethereum is trading at $3,174.65 with a market capitalization of $383.17 billion, accounting for 11.84% of the total cryptocurrency market, according to CoinMarketCap data. In the past 24 hours, Ethereum’s price rose by 0.92%. However, the asset has experienced declines of 6.59% over the past week and 17.62% over the past 30 days.

BitMine’s aggressive accumulation strategy, combined with its new leadership, could have far-reaching implications for both traditional markets and the crypto community’s perception of Ethereum’s institutional adoption. As BitMine presses forward with its goal of holding a substantial share of Ethereum’s supply, the industry will be watching closely.
https://bitcoinethereumnews.com/tech/bitmine-appoints-chi-tsang-as-ceo-amid-leadership-reshuffle/

BlackRock Shifts Focus from Bitcoin to Ethereum Amid Crypto Market Crash

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In a surprising move amid a volatile crypto market, BlackRock has adjusted its cryptocurrency portfolio by shifting millions from Bitcoin (BTC) to Ethereum (ETH). The world’s largest asset manager has moved away from Bitcoin’s declining performance, increasing its investment in Ethereum, signaling a broader change in investor behavior during a market downturn.

### BlackRock’s Strategic Move: Bitcoin Out, Ethereum In

According to data from Lookonchain, BlackRock recently deposited 272.4 BTC, valued at approximately $28.36 million, into Coinbase Prime. In exchange, the firm withdrew 12,098 ETH, worth about $45.47 million. This marks a significant shift from their previous strategy, where Bitcoin holdings were more heavily favored.

This move reflects a larger trend observed across the broader crypto market. While Bitcoin-focused funds have been experiencing outflows, Ethereum-based funds have seen increasing investment. Notably, BlackRock’s iShares Ethereum Trust (ETHA) recorded a net inflow of $46.9 million — the largest among U.S. Ethereum ETFs that day. This indicates growing institutional demand for Ethereum, even as Bitcoin interest declines.

### Institutional Shifts from Bitcoin to Ethereum

BlackRock’s reallocation is part of a broader institutional trend. Data from SoSoValue reveals that U.S. Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), faced outflows totaling $29.46 million. Meanwhile, Ethereum-focused funds like the iShares Ethereum Trust saw rising investor interest.

These market shifts highlight increasing demand for Ethereum products, despite turbulence across the broader cryptocurrency market. Other key institutional players, such as Grayscale and Fidelity, also reported outflows from both Bitcoin and Ethereum funds. However, BlackRock’s move stands out because of the large capital inflows into its Ethereum fund, signaling a shift in institutional sentiment toward ETH.

### Crypto Market Liquidations and Ethereum’s Role

The cryptocurrency market has experienced significant volatility, with over $1 billion in liquidations occurring in the past 24 hours. Of this, Bitcoin accounted for $369 million, while Ethereum contributed $262 million. These liquidations underscore the pressure leveraged traders face amid rapidly changing market conditions.

Despite the market downturn, Ethereum’s outlook appears comparatively positive. Data from CryptoQuant shows Ethereum’s open interest is decreasing, a sign that traders are moving away from speculative positions. This decline may indicate stabilization in Ethereum’s market activity, contrasting with the broader negative trends impacting Bitcoin.

Some experts interpret this as a sign Ethereum is positioned for a potential rally. Fundstrat’s Tom Lee described Ethereum’s setup as “constructive,” noting that current short positions could lead to a short squeeze — a scenario often followed by substantial price increases.

### BlackRock’s Impact on the Market Shift

BlackRock’s decision to shift assets from Bitcoin to Ethereum adds momentum to growing institutional interest in ETH. As more funds move toward Ethereum, institutional investors appear increasingly confident in its long-term potential.

Given BlackRock’s influence as a major asset manager, its actions may signal a broader market trend where Ethereum gains traction over Bitcoin amid uncertain conditions. While Bitcoin remains the dominant cryptocurrency by market capitalization, this evolving landscape suggests Ethereum’s technology and expanding ecosystem are attracting more institutional support.

With major players like BlackRock leading the transition, Ethereum could become an increasingly important asset in institutional portfolios moving forward.
https://coincentral.com/blackrock-shifts-focus-from-bitcoin-to-ethereum-amid-crypto-market-crash/