Ethereum Foundation Completes Third OTC Deal with BitMine

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

XAUT+1.928%

ETH+0.079%

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Transaction Details: The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies, marking the third over-the-counter deal between the two, indicating a stable ongoing commercial relationship.
Financial Strategy: This OTC transaction aligns with the Ethereum Foundation's treasury policy, allowing for large ETH holdings management without impacting market prices, reflecting a cautious approach to market signaling.
BitMine's Market Position: BitMine's ETH holdings have reached 4.596 million tokens, with total crypto and cash assets of $11.5 billion, positioning it as a significant institutional buyer of Ethereum, highlighting sustained demand for ETH exposure.
Future Outlook: The three OTC deals suggest a formalized liquidity channel between the Ethereum Foundation and BitMine, with future transactions dependent on the Foundation's treasury needs and BitMine's appetite for further accumulation.

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Technical Analysis for XAUt

Technical Sentiment Analysis for Tether Gold (XAUt). As of , Tether Gold (XAUt) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XAUt stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XAUt is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Tether Gold (XAUt) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	4243.423	4373.746	4490.033	4620.356	4736.643	4866.966	4983.253
Fibonacci	4373.746	4467.951	4526.151	4620.356	4714.561	4772.761	4866.966

About XAUT

Tether Gold (XAU₮) is a stablecoin that provides ownership on a 1:1 basis of one fine troy ounce of gold on a physical bar of gold that meets the Good Delivery standard of the London Bullion Market Association (LBMA). This technology allows access to a stablecoin that provides ownership of physical gold while avoiding the drawbacks associated with physical gold, such as high storage cost and limited accessibility. Note: XAU₮ tokens can be fractionated up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce).

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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