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

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.

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.

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.

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.

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.

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