Public crypto buyers have paused accumulation since the October crash, signaling fading confidence. Coinbase’s David Duong says Bitcoin treasury purchases hit yearly lows after BTC’s drop to $105K. Only BitMine Immersion Technologies kept buying — spending $1.9B on 483K ETH — keeping Ether demand afloat. Without BitMine, Duong warns, the market’s support could quickly vanish.

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