Bitmine Makes Bold $130M Bet – Snaps Up 28,650 Ethereum in Strategic Power Play
Another day, another whale move in crypto-land. Bitmine just dropped $130 million on Ethereum like it was Monopoly money—because in today’s market, why not?
The scoop: 28,650 ETH changed hands in a single swoop. That’s not just a trade—it’s a statement. While traditional finance still debates 'blockchain viability,' institutions are quietly building positions the size of small nations.
What’s the play? Accumulation mode activated. Whether hedging against inflation or betting on Ethereum’s upcoming upgrades, Bitmine’s move screams confidence. Or maybe they just like round numbers.
Meanwhile, Wall Street fund managers still think 'HODL' is a typo. Keep stacking, folks—the smart money’s already in the game.
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
