Ethereum Breaks Key Levels
According to the market chart, Ethereum rose by 5.39% to $4,389, outpacing Bitcoin’s 3.7% increase and the broader crypto market’s 3.68% rise. Traders had been watching the $4,400 mark closely, and the coin’s breakthrough of this level was seen as a strong signal of market strength.
Market analysts are backing the rally with positive forecasts. CryptoGoos, a well-followed commentator, described the current setup as the most bullish Ethereum chart yet. In a X recent post, Ted Pillows noted that reclaiming the $4,250 support gives the asset room to push toward $4,500 and possibly $4,750 before challenging its all-time high.
The surge in Ethereum also coincides with rising institutional interest. On October 1, U.S. spot ETFs attracted significant inflows, with Bitcoin funds receiving $676 million and Ethereum ETFs pulling in $80.79 million.
According to SoSoValue, both investment products have now seen three straight days of positive flows. This trend strengthens Ethereum’s position as a favored asset among investors and institutions alike.
BitMine Becomes Ethereum’s Largest Holder
Much of the market excitement came from BitMine’s purchase. The company acquired 234,846 ETH, worth close to $1 billion, bringing its total holdings to 2.65 million tokens. At today’s value, this treasury is worth around $11 billion.
The latest purchase comes shortly after BitMine bought $84 million worth of ETH in over-the-counter transactions from Galaxy Digital. This shows a clear pattern of its aggressive accumulation.
With this move, BitMine now holds the largest Ethereum treasury in the world. Its position is significantly larger than rivals such as Joe Lubin’s SharpLink, with 838,730 ETH, and the Ether Machine with 495,360 ETH.
On a larger scale, BitMine now stands as the world’s second-largest public crypto treasury. The mining company is only behind Michael Saylor-led Strategy, which expanded its Bitcoin holdings earlier this week.
BitMine Stock Rises as Ethereum Outlook Strengthens
BitMine’s bold move also fueled gains in traditional markets. BMNR stock climbed 3.46% in pre-market trading to $54.10, giving the company a market capitalization of $9.36 billion.
The stock’s rise highlights investor confidence in the company’s aggressive crypto strategy and its growing role as a leader in Ethereum accumulation.
The growing fundamentals behind Ethereum have raised confidence among analysts and investors. Fundstrat’s Tom Lee recently set a bold target, projecting that ETH could climb as high as $12,000 by the end of 2025.
The post BitMine’s Billion-Dollar Ethereum Bet Sparks Market Momentum appeared first on BitcoinLinux.com.
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Author: coinmaker