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Note that Bitmain Emerging Technologies (BMNR) continued to move in its price for about a month, but recent developments suggest that this could be a turning point for the company.
A notable purchase of more than 50,900 eth coins has sparked new interest, which may indicate a change in the price of BMNR and the future of Ethereum (eth).
BitMine’s aggressive purchase of ETH: a strategic move for March
On March 2, it was recorded that Bitmain made an important purchase, acquiring 50,992.8 eth coins, bringing its total to 3.71% of the total supply of Ethereum. This is only 1.29% away from the company’s goal of owning 5% of the Ethereum supply.
Note that even though the price of Ethereum was in negative territory at the time of the purchase, Bitmain CEO Tom Lee believes that March will be a pivotal month for Ethereum and the cryptocurrency market in general.
Lee noted that they understand that war headlines make investors nervous, but they expect stocks to rise in March – led by MAG7, IGV software, and crypto coins BTC and ETH (he said).
The CMF indicator shows potential upward momentum
The Chain Money Flow (CMF) index showed an increase, indicating that investor support for BMNR may be increasing. Although the CMF indicator is still below zero, the upward trend indicates a decrease in flows, which is considered a positive sign for the company. If the CMF indicator moves into positive territory, this could confirm that BMNR holders are supporting the price, fueling more optimism about a possible price reversal.
This growth suggests an increase in investor confidence and may indicate an upcoming period of flows. If the CMF indicator crosses the positive territory, it provides confirmation that market sentiment is changing in favor of BMNR.
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Bullish divergence amid geopolitical challenges
The Liquidity Flow Index (MFI) shows an upward bias since the beginning of the year. The index is forming lower highs, while the BMNR price is registering lower lows, which indicates a decrease in selling momentum. Despite continued geopolitical instability in 2026, which increased global market volatility, the IMF indicates that BMNR is on track for a potential recovery. See details here
Although external factors, such as geopolitical turmoil, have affected the price of BMNR, the upward divergence in the IMF indicates that the selling momentum has dissipated. This decrease in selling pressure may lead to a rebound in the price of BMNR in the near future.
Is the decoupling of the BMNR price from ETH?
BMNR is currently trading at $20.40, just above the $19.06 support level. The maintenance of this support is of great importance for BMNR until it can finally break the resistance level at $22.34. If BMNR stays above the $19.06 support, it may have the potential to rise in the coming weeks.
Interestingly, the correlation between BMNR and Ethereum has started to decrease, as the correlation is currently at 0.36. This means that BMNR is less likely to follow Ethereum price movements, which is a positive sign. Ethereum went through a period of consolidation, giving BMNR more room to move independently and possibly achieve upside.
Please be aware that there is a risk if BMNR holders are panicking due to ongoing geopolitical events. If the $19.06 support is lost, BMNR could see a drop towards the next major support at $15.45. This will invalidate the current positive outlook and will require careful monitoring of market conditions.
