Although Ethereum is still showing weak price movements, Bitmine has remained extremely bullish on the leading cryptocurrency regardless of poor market conditions.
On Friday April 3, a Cryptoquant analyst shared data revealing that Bitmine has staked an additional 167,578 $ETH over the past two weeks.
The analyst shared charts revealing a sharp increase in Bitmine’s staking activity over the period, suggesting that it has continued to commit its holdings to the network amid its multiple Ethereum accumulation.
Bitmine’s $ETH staking rises in April
As Bitmine continues to expand its Ethereum exposure, the chart shows that Bitmine’s staked $ETH holdings have climbed steadily through late March and early April.
Following its latest addition of 167,578 Ethereum to its staked holdings, Bitmine now boasts of a total of 300,000 $ETH in its staked holdings balance.
The chart suggests that BitMine had increased its staking pace to rebuild its position after it massively unstaked its assets earlier in the year.
It is important to note that staking on the Ethereum blockchain allows holders to lock up $ETH to help secure the network while earning rewards.
While the move often signals growing confidence and conviction among investors, it further establishes BitMine’s foothold in the Ethereum ecosystem as the firm continues to expand its earning potential with the asset.
Ethereum signals short-term rebound
Despite its weak price moves earlier on, Ethereum appears to be closing the week on a potential price rebound as it has suddenly flipped positive over the past hour.
Following a mild price resurgence, Ethereum has spiked decently by about 1.47% over the last 24 hours, and it is trading at $2,062 as of the time of writing.
