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Bitmine Buys 28,650 Ethereum Valued At $130M: Firm Now Holds 1.174M ETH

Bitmine Buys 28,650 Ethereum Valued At $130 Million – Details

Sebastian Villafuerte
by Sebastian Villafuerte
3 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is trading at critical levels after days of volatility, pushing closer to its all-time high near $4,800. Bulls remain in control, and the market is increasingly focused on whether ETH can break through resistance and confirm a new phase of the uptrend. Adding to the momentum, Bitmine Immersion Technologies, Inc., a blockchain technology company primarily based in the United States, announced that it has just purchased $129.9 million worth of ETH following a brief day of inactivity.

Related Reading: Bitcoin STH Capitulation Selling Weakens: 16.8K BTC Sent To Exchanges At A Loss

This strategic acquisition highlights the growing trend of institutional players allocating directly into Ethereum, reinforcing confidence in its long-term value. Bitmine’s move mirrors similar treasury strategies adopted by firms such as Sharplink Gaming, signaling a wider corporate shift toward ETH accumulation. The timing is notable, as exchange balances continue to shrink and demand intensifies, placing supply-side pressure on the market.

For investors, the convergence of institutional buying and strong technical positioning suggests Ethereum may be gearing up for a decisive breakout. However, with volatility still high, market participants are closely watching whether ETH can sustain momentum above key levels and solidify its leadership role in the broader altcoin rally.

Ethereum Accumulation Grows As Bitmine Expands Holdings

With this latest acquisition, Bitmine’s total holdings now stand at 1.174 million ETH, valued at approximately $5.26 billion. This ongoing accumulation trend comes at a critical juncture for Ethereum, as the asset tests major resistance levels near its all-time highs.

Bitmine Ethereum Holdings | Source: Arkham Intelligence
Bitmine Ethereum Holdings | Source: Arkham Intelligence

The timing of Bitmine’s purchase highlights a growing conviction among institutional players that Ethereum will continue to outperform in the current cycle. Exchange reserves and OTC desk supply have been steadily shrinking, signaling strong demand while available liquidity dries up. This tightening supply dynamic often serves as fuel for sharp upward price movements, particularly when paired with significant institutional inflows like those from Bitmine.

Meanwhile, Bitcoin remains under pressure just below its all-time high, struggling to confirm a breakout. This contrast is shaping a new phase in the crypto market, where Ethereum’s relative strength is becoming increasingly evident. If ETH successfully pushes through resistance, it could lead the next leg of the altcoin rally, with liquidity flowing toward stronger assets in the sector.

Related Reading: New Whale Address Moves $285M In Ethereum: Channels Funds To Coinbase Staking

Price Holds Key Support After Strong Rally

Ethereum’s price action shows resilience despite the recent pullback from highs near $4,800. On the 4-hour chart, ETH is currently trading around $4,422, holding above the 50-period moving average at $4,347. This level is acting as short-term dynamic support, suggesting that buyers remain active even after profit-taking at the top.

ETH testing key price level | Source: ETHUSDT chart on TradingView
ETH testing key price level | Source: ETHUSDT chart on TradingView

The rally over the past weeks has been marked by higher highs and higher lows, confirming strong bullish structure. Volume spikes during upward moves highlight continued demand, while the most recent correction has seen relatively lower selling volume, an encouraging sign for bulls. The 100- and 200-period moving averages at $3,988 and $3,780, respectively, remain far below the current price, reinforcing the broader uptrend.

Related Reading: Ethereum Holds Strong as Price Absorbs Market Maker–Induced Volatility

If ETH maintains support above $4,350, a rebound toward $4,600–$4,800 is likely, with a potential breakout attempt at all-time highs. However, a breakdown below the 50-period moving average could trigger a deeper correction, with $4,000 as the next major support zone. With bullish fundamentals, reduced supply, and growing institutional interest, the market appears poised for a decisive move.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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