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

Bitget App

Trade smarter

Bitget

News

Markets

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!

- La Culex ($CULEX), an Ethereum-based mosquito-themed meme coin, offers a 30,683% ROI target via its 32-stage presale model. - Structured price increases every 5 days contrast with unstructured meme coins like Pepe, which lost $7.1B in October. - Token burns, reflections, and Ethereum infrastructure differentiate it from stagnant Dogecoin and less-adopted rivals. - Risks include Ethereum volatility, Fed rate impacts, and reliance on post-presale adoption for long-term viability. - The project represents a

Bitget-RWA•2025/11/05 02:50

Dogecoin Updates Today: Crypto Traders Shift from Volatile Meme Tokens to Predictable Presale Profits

Regulators Drive Crypto Surge in 2025 with Presales and Stablecoins on the Rise

- Crypto markets surge ahead of 2025 holidays, driven by presales like Blazpay's $1M-raised Phase 3 and BullZilla's lore-driven meme coin strategy. - Blazpay's AI-powered multichain platform and BullZilla's 70% APY staking program highlight high-return potential, with projected ROI up to 9,256% for top tokens. - Ripple's RLUSD hits $1B market cap while U.S./Canada regulatory shifts boost stablecoin adoption, signaling institutional confidence in crypto infrastructure. - Analysts caution against volatility

Bitget-RWA•2025/11/05 02:34

Regulators Drive Crypto Surge in 2025 with Presales and Stablecoins on the Rise

Ethereum Updates: BullZilla's Calculated Approach Outperforms November's Crypto Downturn

- BullZilla ($BZIL) surged 2,381% in October, outperforming Ethereum and Pepe amid crypto market declines. - Its presale raised $1M+ with 31B tokens sold, leveraging 24-stage price engines and deflationary burns. - Analysts highlight BullZilla's structured tokenomics, 70% APY staking, and 2-year team lock-up as credibility drivers. - Projected 2,381% ROI at $0.00527141 listing price contrasts with Ethereum's 2.45% drop and Pepe's 5.92% decline. - November presale trends favor BullZilla's mathematical preci

Bitget-RWA•2025/11/05 02:34

Ethereum Updates: BullZilla's Calculated Approach Outperforms November's Crypto Downturn

Connecting Music and Blockchain: RaveDAO and NEON Countdown Build Decentralized Festival Experiences

- RaveDAO partners with NEON Countdown to integrate blockchain experiences into Bangkok's 10th-anniversary festival, creating NFT-based memories and digital rewards. - Over 40,000 attendees gain access to a decentralized fan network, with tickets serving as "proof of presence" for on-chain event memories. - The collaboration reflects growing Web3 adoption in live entertainment, prioritizing community engagement over speculation while expanding RaveDAO's Southeast Asia footprint. - Festival proceeds also fu

Bitget-RWA•2025/11/05 02:34