BMNR Extreme Value Deduction 6.2

Over the past half month, BTC has fallen quite a bit, mainly due to ETF net outflows. Looking at the data, there were only four or five days of ETF net inflows in May, with outflows on all other days. In fact, there have been over ten consecutive days of net outflows from May 15th to now.

For liquidity-sensitive assets like crypto, ETF fund flows have a significant impact on daily price movements. Meanwhile, MSTR has also started selling coins to pay interest. Although they only sold 32 coins, which is negligible compared to their total holdings, this breaks Saylor's previous promise of never selling. The essence of DAT's business model is long-term holding of underlying assets, not buying low and selling high to trade. This development has also affected market sentiment, as there aren't many big buyers left willing to buy BTC and ETH. However, during this period, ETH/BTC finally stopped falling and rebounded, finding support at 0.027 and slowly returning to 0.028. ETH has also managed to hold around 2k.

After an unexpectedly large purchase the previous week, BMNR's coin holdings returned to 26k last week, with a cash position of 440 million. The mNAV has already recovered to 0.98. Currently, the total ETH holding is 5.4 million, with 4.7 million already staked, a staking rate of 87%. It's still 600k ETH short of the 5% coin holding target. Including cash, an additional 700 million in financing is needed to achieve this. Russell will release the index constituent list on June 18th, with the rebalancing taking effect on June 26th. BMNR will be included in the Russell 1000, which will bring new passive index buying to BMNR.

Regarding the progress of the FIT21 Act, my expectation for June is to complete the merging of the two versions of the text and resolve communication on sticking points like the ethics clause, so that it can be scheduled for a floor vote in July. If it drags on to July and the two parties still haven't finalized the text, the probability of it passing legislation is greatly reduced.

Not investment advice

$BitMine Immersion Tech(BMNR.US)