【US Stock Movers】BitMine Immersion plunges on October 7: ETH declines + purchase suspension + overall cryptocurrency stocks fall
Bitget异动解读2026/10/07 15:05BitMine Immersion October 7: Analysis of Sharp Decline
Keywords: ETH decline, halt in buying, broad decline in crypto stocks
1. On October 7, Chairman Tom Lee stated that the company would stop continuous purchases once its Ethereum holdings reach 5% of the circulating supply of Ethereum, with about 100,000 ETH remaining to this target, weakening the support from ongoing accumulation.
2. On October 7, the price of Ethereum fell, with rising global bond yields and a strengthening US dollar intensifying sell-offs in crypto assets. Crypto-related stocks such as Bitcoin, Strategy, and Coinbase also weakened in tandem, and losses in the sector dragged down BMNR.
3. On October 7, the company's Ethereum holdings remained at a substantial unrealized loss, and the further decline in ETH prices continued to lower the valuation of digital asset reserves, amplifying downward pressure on the share price.
(Disclaimer: This content is generated by AI technology based on publicly available information for reference only and does not constitute investment advice.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shanghai fuel oil futures surpass 5,000 yuan/ton, up 14.40% intraday
Shanghai fuel oil futures have just surpassed the 5,000 yuan/ton mark, currently quoted at 5,006 yuan/ton, up 14.40% for the day.
Nomura expects the Reserve Bank of India to raise interest rates by another 25 basis points in December.
Nomura analysts stated in a report that the Reserve Bank of India unexpectedly shifted its policy stance from "neutral" to "orderly tightening" in order to stabilize inflation expectations and build a buffer against a globally adverse environment. The investment bank expects the Reserve Bank of India to raise rates by another 25 basis points in December and then pause, which contrasts with the market's expectation of a longer rate hike cycle. The Reserve Bank of India has raised its GDP growth and inflation forecasts for the 2026/27 fiscal year to 7.1% and 5.2%, respectively, and has also raised its inflation forecast for the coming year to 5.6%.
US crude oil: Range-bound fluctuations, buy on dips and sell on rallies.
Analysis: U.S. crude oil inventories unexpectedly decreased by 3.186 million barrels, far exceeding market expectations. Combined with rising Middle East shipping risks, this provides support for WTI. However, the International Energy Agency accelerated the release of strategic reserves, and supply recovery expectations still limit price increases. Technically, prices remain in a low-level consolidation; watch for a breakthrough at the $90 level. Key focus: geopolitical situation, inventory data, U.S. dollar index, global crude oil supply, and OPEC+ policies. Resistance: 90.00, 91.50, 92.00 Support: 89.00, 88.00, 86.00
Spot gold: range-bound consolidation, sell on rallies, buy on dips
(1) Analysis: The strengthening US dollar and high US Treasury yields continue to weigh on gold, causing gold prices to decline consecutively and hit a two-month low. Expectations for a Fed rate hike in October have cooled, but there is still anticipation of policy tightening in December. The short-term technical structure suggests mainly consolidation, with the possibility of retesting previous lows. If support is found near $4070, a technical rebound may emerge. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 4180, 4200, 4250 (4) Support: 4100, 4070, 4000
Crypto prices
More
