Ethereum Updates: BitMine's Ethereum Acquisition Echoes MicroStrategy's Bitcoin Strategy, Targets $3,600 Surge
- Ethereum fluctuates between $2,600–$3,000 as analysts monitor $2,800 support level for recovery signals. - BitMine Immersion Technologies accumulates 3% of Ethereum supply (3.63M ETH, $11.2B value), mirroring MicroStrategy's Bitcoin strategy. - Spot ETF inflows ($230.9M) and institutional demand, coupled with Apparent Demand metric hitting 26-month highs, suggest potential $3,600 rally if $2,800 support holds. - BitMine's $7.4B market cap and 51.5 current ratio highlight its unique financial position, wi
Ethereum Holds Steady as Analysts Watch Key Support Levels
Ethereum has been trading within a narrow band between $2,600 and $3,000, with market experts paying close attention to the $2,800 mark as a potential indicator for a sustained upward move. After briefly falling below $3,000 on November 22, ETH managed to bounce back by 11%, reclaiming important support areas.
Many analysts believe that renewed institutional interest and the anticipated conclusion of the Federal Reserve's quantitative tightening could serve as catalysts for a move toward $3,600. Notably, Ethereum's Apparent Demand—a metric tracking the gap between new issuance and dormant supply—reached its highest point in over two years on November 26. This surge suggests that investors are actively accumulating ETH during market dips, echoing a similar trend seen in September 2023, which preceded a significant rally to $4,100 by March 2024.
Additionally, spot Ethereum ETFs have experienced three consecutive days of positive inflows, bringing in $230.9 million after a substantial $1.28 billion outflow earlier in November.
BitMine Immersion Technologies: Leading Institutional Accumulation
Institutional enthusiasm is further highlighted by BitMine Immersion Technologies (BMNR), which recently revealed it holds 3.63 million ETH—representing 3% of Ethereum's total supply and valued at $11.2 billion. This makes BitMine the largest holder of Ethereum in the world. Their treasury also includes 192 Bitcoin, a $38 million investment in Eightco Holdings, and $800 million in available cash.
Since launching its aggressive acquisition strategy in July 2025, BitMine has aimed to secure 5% of Ethereum's total issuance. The company has already reached 3%, with recent weekly purchases exceeding 70,000 ETH. However, some analysts have raised concerns about BitMine's reported average purchase price of $2,840 per ETH, noting inconsistencies given the current market price above $2,900.
BitMine’s Financial Strength and Market Impact
BitMine's financial reports underscore its unique standing in the crypto sector. With a market cap of $7.4 billion and a current ratio of 51.5, the company holds significantly more cash than debt. Its shares have also seen robust trading activity, averaging $1.6 billion in daily volume over five days in late November. Chairman Thomas Lee has stressed the strategic value of maintaining large Ethereum reserves, likening BitMine's approach to MicroStrategy's leadership in Bitcoin accumulation.
While Ethereum's price continues to fluctuate within its current range, BitMine's ongoing acquisitions and the positive momentum in ETF inflows reflect growing institutional confidence in Ethereum's long-term prospects.
Outlook: Technical Factors and Institutional Moves Shape Ethereum’s Future
The interaction between Ethereum’s technical signals and the buying patterns of major investors will likely influence its next price movement. Should the $2,800 support level remain intact and the Federal Reserve’s quantitative tightening conclude as anticipated in December, increased liquidity could drive ETH toward the $3,600 mark.
BitMine’s persistent accumulation and its plans to expand staking infrastructure, including the MAVAN network, position the company as a significant force in Ethereum’s institutional adoption and future growth.
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.
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