BitMine Keeps Stacking ETH as Crypto Outperforms

Welcome back to The Warmup.

Happy Monday! Oil is down and crypto bros are the first ones to feel it.

Here’s what we’re watching:

• Market Snapshot

• BitMine Keeps Stacking ETH as Crypto Outperforms

• BTC Resistance Test Play

• Crypto Shows Strength Despite War-Driven Macro Fears

• Calendar

Market: Crypto is outperforming as risk appetite improves, helped by a weaker dollar and lower volatility. Equities edge higher while gold softens.

BitMine Keeps Stacking ETH as Crypto Outperforms

What’s going on:

Tom Lee’s crypto treasury firm BitMine continues aggressively accumulating Ethereum.

Over the past week, it bought about 61K ETH, bringing total holdings to roughly 4.6M ETH, worth more than $10B.

That now represents around 3.8% of ETH’s circulating supply, as the firm pushes toward its goal of owning 5% of all tokens.

Much of the position is already deployed. About 3.04M ETH are staked, generating an estimated $180M per year in yield.

BitMine has even sourced supply directly, purchasing 5,000 ETH OTC from the Ethereum Foundation to avoid adding sell pressure in public markets.

What it means:

Treasury-style ETH accumulation is becoming a real institutional strategy.

Firms are starting to view Ethereum not just as an asset to hold, but as a productive reserve that can generate yield.

If this pace of buying continues, it could tighten circulating supply and reinforce Ethereum’s long-term bull case.

BTC Resistance Test Play

What’s going on:

BTC is hovering at a key 4H resistance zone after a steady push higher.

Key levels we’re watching:

• Resistance: ~$73–74K → current rejection zone

• EMA200 (4H): ~$70.7K → short-term trend support

• Major long interest: $66–67K → trendline + demand area

Directional Bias: Slightly bullish on dips

What we’re waiting for:

• Clear bearish confirmation before considering shorts

• Pullback into $66–67K for higher-probability longs

• Continued structure formation near resistance

Crypto Shows Strength Despite War-Driven Macro Fears

What’s going on:

Geopolitical tensions dominated headlines this weekend, but crypto markets are showing surprising resilience.

Over the past seven days, BTC is up about 9%, ETH nearly 14%, and SOL roughly 12%.

That’s notable strength, especially with gold slipping and equities largely flat.

Markets had feared a sharp sell-off after reports the U.S. struck Iran’s Kharg Island, a key oil export hub.

Crude initially surged as traders priced in supply disruption risk across the Gulf.

By this morning, oil had cooled, stock futures turned slightly green, and crypto majors were still leading performance.

Meanwhile, HYPE stands out, trading above $39, up roughly 27% on the week.

What it means:

Crypto is acting more resilient than many expected.

Even with macro stress and energy volatility, capital continues flowing into major tokens.

If this relative strength holds while traditional markets stay choppy, it could reinforce the idea that crypto is increasingly becoming its own macro trade.

Key Events this Week

Major token unlocks:

• LayerZero (ZRO): ~$55M unlock on Mar 20 (~5.6% of supply)

Macroeconomic data calendar:

Mon (Mar 16):

• Markets React to US Strike on Kharg Island: Energy supply risks and broader risk sentiment in focus → potential volatility across oil, equities, and crypto.

Tue (Mar 17):

• February Pending Home Sales: Tracks signed contracts on existing homes → rising activity suggests improving housing demand and consumer confidence.

Wed (Mar 18):

• February PPI Inflation Data: Measures wholesale price pressures → higher readings can signal future CPI upside and tighter policy risks.

• Fed Interest Rate Decision & Statement: Key guidance on rate path and liquidity conditions → dovish tone supports risk assets, hawkish signals may pressure markets.

Thu (Mar 19):

• Philly Fed Manufacturing Index: Regional factory activity gauge → expansion signals stronger industrial momentum, contraction points to slowing growth.

• January New Home Sales: Reflects demand for newly built homes → strength indicates healthy household formation and credit conditions.

Major Earnings Releases:

• Wed (Mar 18): Redcat

• Metaplanet lines up $531M in 'additional firepower' for 210,000 BTC plan

• Aave and CoW Swap publish dueling post-mortems after $50M swap disaster

• Circle's USDC overtakes USDT in ‘adjusted’ volume year-to-date

Crypto ETFs are structurally expanding access to digital assets, opening the door for institutional capital to flow in through model portfolios, RIAs, and traditional brokerage platforms.

While inflows have been meaningful, they are still competing with persistent selling from early crypto holders, meaning price impact may take longer to fully materialize.

The next phase likely includes more complex products like basket ETFs, active strategies, and potential altcoin vehicles, which could deepen market participation but also introduce new risks.

ETFs are not just a short-term narrative, they are a long-term infrastructure shift that could reshape how trillions of dollars eventually enter the crypto market.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.