BitMine Adds $104M in ETH to Treasury as Fundstrat Predicts $5.5K Target – ETH About to Explode?
BitMine Immersion Technologies added 23,823 ETH value $103.7 million to its company treasury on Thursday, in accordance to blockchain monitoring agency Lookonchain, which cited information displaying the corporate acquired the tokens from a BitGo pockets.
The acquisition comes as Fundstrat technical analyst Mark Newton predicted Ethereum would backside over the following one to two days earlier than rallying to $5,500, representing roughly 27% upside from present ranges round $4,345.
BitMine Amasses $12.4B Treasury Despite Short-Seller Attack
BitMine formally holds 2.83 million ETH valued at roughly $12.4 billion, making it the biggest public Ethereum treasury and second-largest crypto treasury behind Michael Saylor’s Strategy.
The firm, led by Fundstrat co-founder Tom Lee, has said on a number of events that it goals to accumulate 5% of Ethereum’s complete provide and stays dedicated to supporting the community’s rising position in monetary market companies.
The newest buy follows per week after BitMine received 20,020 ETH value $89.7 million through FalconX on October 3, totaling over $193 million in Ethereum acquisitions inside seven days.
However, shares of BMNR traded down 1.5% on Thursday, closing at $59.10, whereas Ethereum declined 1% over the previous 24 hours to commerce at $4,336.
The accumulation comes regardless of short-selling firm Kerrisdale Capital announcing a bearish position against BitMine on October 9, calling its enterprise mannequin “a relic on the verge of extinction.”
Newton’s technical evaluation suggests Ethereum has skilled a minor three-wave pullback following a robust rally from September 25 into October 7, with the correction anticipated to finish by October 11 earlier than turning greater.
He famous ETH has already corrected 50% of the current rally however may hit $4,200 to $4,220, offering an optimum assist space earlier than reversing upward.
The projection comes as institutional demand for Ethereum hits new highs, with treasury corporations and exchange-traded funds now holding over 12.48 million ETH, roughly 10.31% of the community’s complete provide.
Corporate Treasuries Drive Institutional Adoption Wave
Alongside BitMine, Bit Digital’s Ethereum holdings surged to approximately $675 million two days ago after buying an extra 31,057 ETH utilizing proceeds from a not too long ago accomplished $150 million convertible notes providing.
The Nasdaq-listed crypto infrastructure agency now holds roughly 150,244 ETH, marking a 50% enhance as it pivots from Bitcoin mining to a full-fledged Ethereum-focused operation.
Major crypto-focused traders, together with Kraken Financial, Jump Trading Credit, and Jane Street Capital, participated in the providing.
SharpLink Gaming disclosed it now holds 839,000 ETH with no debt on its stability sheet, producing over $900 million in unrealized features since launching its Ethereum treasury technique in June.
The firm plans to tokenize its frequent inventory on Ethereum and stake a part of its holdings on Linea, a Layer 2 community developed by Consensys.
Joseph Lubin, SharpLink chairman and Consensys founder, mentioned the corporate would proceed accumulating Ether.
According to information from StrategicETHReserve, company treasuries maintain roughly 5.70 million ETH, representing 4.71% of provide, whereas spot Ethereum ETFs collectively personal round 6.93 million ETH, representing 5.73%.
Giving the bullish institutional adoption, Crypto hedge fund XWIN Finance argues Ethereum could reach $10,000 this cycle, pushed by macro liquidity tendencies.
While Bitcoin surged over 130% since 2022 in response to M2 growth, Ethereum lagged with solely 15% features.
However, ETH trade reserves dropped over 25% since 2022, with unfavourable netflows indicating cash are being locked in staking or chilly wallets.
Validator Exit Queue Raises Concerns Despite Record DeFi TVL
A document $10 billion value of Ethereum, precisely 2.44 million ETH, remains stuck in the validator exit queue as of October 8, with validators going through a mean wait time exceeding 42 days.
The withdrawal backlog is without doubt one of the largest since Ethereum’s transition to proof-of-stake, which has raised issues of potential promoting stress as ETH trades round $4,500, simply 9.75% beneath its all-time high.
Analysts warn that if a considerable portion of queued ETH is ultimately unstaked and moved to exchanges, promoting stress may set off retracement towards the $3,800 to $4,000 assist zone.
Decentralized Finance reached a milestone in Q3 2025, closing with a complete worth locked of $237 billion in accordance to DappRadar.
Despite Ethereum’s progress selecting up mid-year, it commanded over 49% of the sector’s worth with $119 billion in TVL regardless of experiencing a 4% decline.
However, the dapp trade witnessed a 22.4% decline in each day distinctive lively wallets, averaging 18.7 million each day throughout Q3, elevating issues about potential retail market exit.
Technical Analysis Points to Critical Support Test
Ethereum at the moment trades round $4,330 with fast assist on the $4,250 to $4,300 zone that supplied a number of bounce alternatives all through September and October.
Resistance ranges sit at $4,412, $4,792, and finally $4,956, that are earlier peaks. The consolidation between $4,000 and $4,800 creates a call zone for future path.
The $4,250 to $4,300 assist has held via a number of assessments, although it’s now displaying indicators of weakening.
The most possible near-term situations embody continued range-bound buying and selling between $4,000 and $4,600, potential breakdown towards $3,800 to $4,000 if assist fails, or breakout towards $4,700 to $5,000 if momentum develops.
As it stands now, Ethereum faces real uncertainty at present ranges, with the $4,250 to $4,300 assist zone crucial.
If this degree holds and company accumulation catalyzes further shopping for, ETH may advance towards Newton’s $5,500 goal inside weeks.
However, failure to preserve assist would doubtless set off a correction towards $3,800 to $4,000, with the huge validator exit queue including draw back stress.
Currently, each situations stay viable; nonetheless, the present technical setup favors consolidation earlier than the following directional transfer materializes.
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