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Crypto World

Ethereum price near $2,150 as buy zone call returns

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Ethereum Coinbase premium index | Source: CryptoQuant

Ethereum (ETH) has returned to focus after new market data pointed to a possible bullish setup. Analysts are tracking valuation metrics, treasury buying, and exchange flows as ETH tries to build on its recent rebound.

Summary

  • Ethereum price entered a buy zone after MVRV fell below 0.8, matching past cycle bottom signals.
  • Bitmine bought $140 million in ETH this week, raising holdings toward its 5% supply target.
  • Coinbase premium stayed negative, showing weaker U.S. demand even as Ethereum posted a sharp rebound.

The latest discussion centers on Ethereum’s Market Value to Realized Value ratio, or MVRV, which has moved below 0.8. At the same time, Bitmine has expanded its Ethereum holdings, while Coinbase premium data has shown weaker demand from U.S. buyers.

Crypto analyst Ali Martinez said Ethereum may have entered a “generational buy zone” after the MVRV ratio dropped below 0.8. He linked that reading to earlier market bottoms that later led to strong recoveries.

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Martinez also said Ethereum’s recent rebound was not random. He pointed to past cycles when similar retests were followed by rallies ranging from 149% to 587% after bottoms formed in 2018, 2020, and 2022.

Ethereum posted a 7% rebound on Monday and briefly reached $2,186. At the time of reporting, ETH traded at about $2,152, holding part of that recovery after bouncing from lower levels.

The setup has drawn attention because Ethereum remains far below its prior cycle peak. That has kept valuation models and recovery signals at the center of current market coverage.

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Arkham Research reported that Tom Lee’s Bitmine added $140.74 million worth of Ethereum over the past seven days. That pushed the company’s total Ethereum holdings to about $10.03 billion.

The report said Bitmine now controls around 3.86% of Ethereum’s circulating supply. Its stated target is to accumulate 5% of the supply, which would require further large purchases in the coming weeks.

Arkham also compared Bitmine’s pace with Strategy’s recent Bitcoin buying. While Strategy added about $76.6 million in Bitcoin this week, Bitmine’s Ethereum purchases were larger during the same period.

That treasury activity has added another layer to the Ethereum story. Market participants are now watching whether steady institutional buying can support price strength if broader demand improves.

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Coinbase premium shows weak U.S. demand

CryptoQuant analyst Arab Chain said Ethereum’s Coinbase Premium Index fell to about -0.0149. That reading means Binance priced ETH above Coinbase, which points to softer demand from U.S. buyers.

The data suggests that global trading activity remains stronger than buying activity on Coinbase. It also shows that the recent rebound has not yet gained firm support from U.S. spot demand.

Ethereum Coinbase premium index | Source: CryptoQuant
Ethereum Coinbase premium index | Source: CryptoQuant

A negative premium often signals weaker appetite or selling pressure on Coinbase. If that gap remains in place, it may limit the strength of Ethereum’s recovery in the near term.

If the premium moves back toward zero or turns positive, it could signal stronger U.S. buying flows. That shift would give Ethereum another support factor as traders assess the next move.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Crypto World

Irish Authorities Recover Millions in Bitcoin From Lost Wallet

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Irish Authorities Recover Millions in Bitcoin From Lost Wallet

Irish national police say they have cracked one of 12 Bitcoin wallets linked to a convicted drug dealer, years after they were confiscated and their access codes were thought to be gone forever.

Ireland’s Criminal Assets Bureau (CAB) said in a statement on Tuesday that it had “gained access to and seized a cryptocurrency wallet” containing 500 Bitcoin (BTC), worth more than $35 million, with the help of Europol’s European Cybercrime Centre.

“Europol hosted operational meetings at its headquarters in The Hague, the Netherlands and provided critical support to Bureau investigators and analysts with the provision of highly complex technical expertise and decryption resources vital to the success of the operation,” the CAB said.

The Irish Times reported on Tuesday that the wallet is one of 12 holding a total of 6,000 Bitcoin once owned by Clifton Collins, a drug dealer sentenced to five years in prison for growing and selling cannabis. The access codes were lost when the paper they were printed on disappeared.

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Source: Criminal Assets Bureau 

Most of the time, losing a Bitcoin private key means there’s no way to recover it or crack the wallet; the funds are permanently inaccessible due to public-key cryptography.

Cointelegraph has contacted the CAB and An Garda Síochána for comment.

Wallet flagged as belonging to Collins moves 500 BTC

A wallet labeled “Clifton Collins: Lost Keys” by blockchain intelligence platform Arkham transferred 500 Bitcoin to Coinbase Prime on Tuesday, more than a decade after the coins were first deposited. 

Arkham lists Collins as controlling 14 addresses with total holdings of 5,500 Bitcoin, valued at more than $391 million.

Clifton Collins is listed as having over $391 million in Bitcoin. Source: Arkham

Collins was arrested in 2017 after police searched his car and found a stash of cannabis, according to the Guardian.

Related: Coinbase, Microsoft and Europol take down phishing service ‘Tycoon 2FA’

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Police said Collins used proceeds from his drug operation to purchase 6,000 Bitcoin in late 2011 and early 2012, spreading the holdings across 12 wallets. He stored the wallet keys on a single sheet of A4 paper, hidden inside the aluminum cap of a fishing rod case at his rental home.

After his arrest and sentencing, Collins’ landlord cleared out his rental home and discarded his belongings. Collins, however, claimed the fishing rod case had been stolen before the landlord ever entered the property.

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