Ethereum is making headlines as BitMine Immersion Technologies (BMNR) recently acquired a staggering 32,447 ETH, valued at approximately $81 million. This purchase marks the firm’s largest weekly acquisition since early July, bringing its total ETH holdings to an impressive 5,847,611 tokens, worth around $14.6 billion. With this latest investment, BitMine now controls about 4.8% of Ethereum’s total supply of 120.7 million tokens.
This aggressive buying strategy aligns with Ethereum’s remarkable performance, which saw a 30% gain last week—the strongest weekly increase since May 2025. BitMine has adopted a consistent acquisition strategy since launching its Ethereum treasury initiative in June 2025, aiming for a total of 5% of Ethereum’s supply, which translates to about 6.04 million ETH. With only 187,000 tokens left to reach this target, the firm is rapidly closing the gap.
BitMine Chairman Thomas Lee highlighted the historical significance of such substantial weekly gains, referencing past instances where similar price movements preceded significant upward trends. After a 30% rally in July 2021, Ethereum surged by 167%, while a comparable jump in May 2025 resulted in a 170% increase. “In those two precedent instances, this weekly gain of over 30% signaled a launch point for a larger move in ETH,” Lee stated, optimistically projecting that easing financial conditions could bolster the cryptocurrency sector.
The bullish sentiment surrounding Ethereum is further underscored by recent trends in asset tokenization and the increasing utilization of AI agents leveraging blockchain technology, positioning ETH to potentially gain ground against Bitcoin in the current market cycle. Analyst Daan Crypto Trades noted on social media that Ethereum closed the week at its highest closing price in approximately seven months, reinforcing the momentum as it hovers around the Weekly 200MA and EMA levels. However, he cautioned that a rejection below $2,300 could lead to a liquidity sweep, possibly dragging prices back to the bull market support band.
In addition to BitMine’s significant purchase, the U.S. spot ETH ETFs experienced their best week since October, with net inflows totaling $697 million, driven largely by BlackRock’s iShares Ethereum Trust (ETHA), which accounted for $536.8 million of that figure. Currently, Ethereum is trading above $2,400, but analysts are monitoring the RSI, which sits at 79, indicating potential overbought conditions.
Within the last 24 hours, Ethereum has faced $108.8 million in liquidations, with approximately $68.3 million stemming from short positions. Meanwhile, BitMine has staked 5.07 million ETH—around 87% of its total holdings—projecting an impressive $330 million in annualized staking revenue. The next key resistance levels for ETH are identified at $2,678, with a further significant threshold at $2,865, as traders and investors alike look to navigate this dynamic landscape.
