Key Highlights
- BitMine Immersion announced its decision to grow its Ethereum holdings by 82,353 Ethereum (ETH) over the last week
- Amid the dip in the cryptocurrency market, Ethereum has dropped below $3,700
- Despite the crash, some experts shared a positive forecast for the crypto by citing growing network activities due to a boom in the stablecoin market
While the cryptocurrency market is going through uncertainty, BitMine Immersion, a leading Bitcoin mining company, has increased its Ethereum holdings by 82,353 Ethereum (ETH) over the past week.
BitMine Acquires an Additional 82,353 Ethereum
According to the announcement on November 3, the company is currently holding 3,395,422 Ethereum at $3,903 per token. Its crypto holdings also comprise 192 Bitcoin, along with a $62 million stake in Eightco Holdings (“moonshots”).
This new acquisition will help the company to strengthen its position as the biggest Ethereum holding company in the world. According to Coingecko, BitMine Immersion has acquired around 662,169 ETH in the last 30 days.
The official press release states that Ethereum’s core foundation is getting stronger at a faster rate. For example, key evidence of this includes the amount of stablecoins on its network growing by over 15% in the last eight weeks, while the revenue generated by its applications has hit a record high.
BitMine states that the market price of ETH increases before these fundamentals improve, but sometimes the fundamentals strengthen first, and the price eventually catches up and rises to match them.
The crypto market recently experienced its largest single-day sell-off, which caused the number of active bets on Ethereum’s price to plummet by 45%. While this sounds negative, this kind of major reset is actually a health development. It clears out excessive risk and creates the conditions for Ethereum’s price to eventually rise.
Thomas “Tom” Lee of Fundstrat, Chairman of BitMine, stated, “We increased our cash holdings to $389 million (from $305 million) and acquired 82,353 ETH tokens over the past week, pushing our ETH holdings to 3.4 million, or 2.8% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
Ethereum Price Dips Below $3,700, But Bullish Outlook
As Bitcoin pushed below $110,000, the Ethereum price has also seen a major drop in recent weeks. In the last 24 hours, ETH has dropped by 4%, slipping below $3,700.
Many analysts are turning bullish on Ethereum’s price as it tests the $3,870 resistance level. Currently trading at $3,859 with strong daily volume, it is showing a classic technical pattern that often comes before a major price surge.
This bullish outlook is fueled by large institutional investments and a technical setup suggesting a potential rise toward $4,500 in the near future. Experts believe a combination of factors, including growing use of AI and easier institutional access, could push ETH to $4,200 and $4,500 by December 2025, with some even more ambitious long-term targets.
However, while Ethereum dominates attention, many investors are also looking at newer, smaller projects built on its network for greater growth potential.
Even during a major market downturn in October, the use of stablecoins on the Ethereum network saw a massive surge. This jump in activity, with trading volume hitting $2.82 trillion, a 45% increase from the previous month, shows that investors are actively seeking safer, more predictable assets amidst the market’s volatility.
After the approval of the GENIUS Act, thanks to U.S. President Donald Trump, many financial institutions and entities are rushing to integrate stablecoin into their existing financial infrastructure.
For instance, JPMorgan has announced the launch of its own stablecoin-like tokens to retain its dominance in the financial world. Similarly, Citigroup, Goldman Sachs, and other institutions have forged a group to launch their own joint stablecoin.
“BitMine continues to attract institutional investor capital as our high liquidity is appealing. The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume. We continue to lead our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” stated Tom Lee in a press release.
