Ethereum News Update: Dormant Ethereum Whale Reactivates: Strategic Holdings and Network Enhancements Drive $1.19B Rally

BitMine’s Massive Ethereum Moves Spark Market Excitement

A long-inactive Ethereum whale associated with BitMine has re-entered the spotlight, causing a $1.19 billion surge in market activity after remaining dormant for ten years. Recently, BitMine acquired 28,625 ETH (valued at $82 million) and an additional 21,537 ETH ($59 million) using FalconX hot wallets. These transactions, monitored by on-chain analytics firms such as LookonChain and Arkham Intelligence, have pushed Ethereum’s daily trading volume up by 35% to reach $24 billion—an indication of renewed institutional interest in the cryptocurrency.

BitMine’s total Ethereum holdings now surpass 3.5 million ETH, representing nearly 3% of the entire circulating supply and establishing the company as one of the largest corporate holders of Ethereum.

These recent acquisitions are part of BitMine’s broader initiative to grow its “Strategic ETH Reserve” in response to ongoing market volatility. CEO Tom Lee attributed the recent market slump to widespread liquidity challenges, drawing parallels to the post-FTX deleveraging in 2022. However, Lee remains optimistic, predicting a swift “V-shaped recovery” once stability returns. BitMine also revealed plans to launch the “Made in America Validator Network” (MAVAN) in early 2026, with the goal of staking its ETH assets to generate consistent revenue.

Market analysts, including Michaël van de Poppe, have emphasized the importance of Ethereum’s support level against Bitcoin, suggesting that maintaining this threshold could be key for Ethereum to outperform Bitcoin in the near future.

At the same time, the Ethereum network is gearing up for the Fusako upgrade scheduled for December 3. This update will introduce enhancements to the execution layer and modify staking rewards. Matt Hougan from Bitwise described the upgrade as a “hidden catalyst,” referencing historical trends where similar upgrades have led to price increases of 10–50%. The market’s response to BitMine’s aggressive accumulation stands in contrast to BlackRock’s recent withdrawals of ETH and BTC to Coinbase Prime, highlighting differing approaches among major institutional players.