Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake

Bitget-RWA2025/10/31 00:18

By: Bitget-RWA

- BitMine Immersion acquired $113M in ETH from BitGo, now holding 3.3M ETH (2.8% of supply) with a 5% control target. - Ethereum's price dropped 9.08% over three days, hitting $3,757.13 after a brief 1.67% gain to $4,132.56. - Early Ethereum ICO participants moved $6M ETH to Kraken, following similar activity in August and 2018. - BitMine's accumulation strategy positions it as the largest public ETH holder, surpassing most institutional investors. - Despite 23.55% gains in five months, Ethereum remains 16

This week, Ethereum experienced ongoing price fluctuations as on-chain data revealed evolving trends within the cryptocurrency sector.

BitMine Immersion

, a significant entity in the digital asset industry, purchased close to $113 million in

Ethereum

(ETH) from the custodian BitGo, indicating a renewed push for accumulation. The deal, which involved 27,316

ETH

from the wallet "0xDc8...3a07f," fits with BitMine's ongoing efforts to grow its reserves. The company now possesses around 3.3 million ETH—valued at over $13 billion at present rates—and reportedly seeks to eventually own 5% of all Ethereum in circulation, according to

a Happycoin report

Ethereum's price performance has shown both gains and losses over the last week. On October 27, the cryptocurrency climbed 1.67% to reach $4,132.56, its highest 5 p.m. close since October 13, following a five-day rally, based on

Morningstar data

. Yet, this upward momentum quickly reversed. By October 29, Ethereum had dropped 0.88% to $3,949.15, marking its steepest daily decline since October 28, according to

Morningstar data

. The downturn intensified on October 30, with the price falling 4.86% to $3,757.13—the lowest 5 p.m. close since October 11, as per

Morningstar data

. Across these three days, Ethereum lost 9.08%, its sharpest three-day drop since October 16.

Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake image 0

These recent price movements have occurred alongside significant on-chain transactions.

BitMine’s accumulation approach has made it the largest public Ethereum holder, outpacing most institutional investors. The company is second only to Strategy, which owns over 640,000

bitcoins

(valued at $74 billion), while BitMine’s 3.3 million ETH accounts for 2.8% of the total Ethereum supply. The firm has also broadened its investments, allocating $88 million to Eightco Holdings as part of its "moon projects" initiative, according to the Happycoin report.

Ethereum’s performance so far this year has been mixed. Although the token has gained 23.55% over the past five months, it remains 16.60% below its record high of $4,955.23 set in August, as noted by Morningstar. The recent decline has sparked debate about whether the market is consolidating or entering a correction. Analysts suggest that BitMine’s ongoing purchases could help stabilize prices, but broader economic factors, such as U.S. interest rates, continue to play a crucial role in shaping Ethereum’s outlook.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- AlphaTON Capital acquires Blockchain Wire to launch TON blockchain's first verifiable newswire, enhancing digital communication standards. - Blockchain Wire, serving 4,000+ clients with 100%+ CAGR since 2023, delivers crypto-native and enterprise news to millions via trusted distribution networks. - The integration leverages TON's blockchain for immutable press release verification, aligning with AlphaTON's DeFi, gaming, and Telegram ecosystem expansion strategies. - This acquisition strengthens AlphaTON

Bitget-RWA•2025/11/05 12:14

Bitcoin Updates: Projects Evolve as Authorities Move to Steady the Crypto Market

- Bitcoin's October 2025 crash reflects speculative excess, not systemic collapse, with weak on-chain metrics like record-low OBV and margin calls triggering altcoin losses. - Security vulnerabilities worsened the crisis, including $1.8M DeFi thefts and AI-powered phishing attacks, while projects like Berachain recovered stolen funds through audits. - Regulators acted amid turmoil: Trump pardoned Binance's Zhao, Canada fined a crypto dealer $126M, and Bitget launched a $2M loan program to stabilize altcoin

Bitget-RWA•2025/11/05 12:14

Ethereum News Update: Institutions Move Toward Solana While FUNToken Drops by 12%

- FUNToken drops 12% as altcoin rotation and ETF divergence intensify, driven by institutional shifts to high-performance blockchains like Solana . - Solana ETFs gained $197M while Bitcoin/Ethereum ETFs lost $750M, reflecting capital reallocation toward scalable infrastructure and enterprise solutions. - Regulatory advancements in the U.S. and Japan aim to boost crypto legitimacy, but macroeconomic risks and geopolitical tensions persist amid extreme market fear levels. - Institutional whales added $55M in

Bitget-RWA•2025/11/05 12:14

Bitcoin News Update: BlackRock Allocates $115M in ETH, Driving Australian ETF Debut During Market Fluctuations

- BlackRock deposited $115M in ETH to Coinbase , signaling institutional crypto engagement ahead of its Australian Bitcoin ETF launch. - The firm holds 86% of its $97B crypto assets in Bitcoin, with recent $1B+ deposits raising market sell-off concerns. - Regulatory clarity in Australia and the U.S. may boost institutional adoption as BlackRock's custodial strategy focuses on ETF liquidity management.

Bitget-RWA•2025/11/05 12:14

Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake

You may also like

Trending news

Crypto prices