BitMine Boosts ETH Holdings to 6 Million Amid Market Resilience
Ethereum started the week trading around $2,707, up 0.52% in 24 hours, maintaining its position above the key $2,700 support level. This stability underscored Ethereum's resilience as the second-largest cryptocurrency by market cap, with investors closely watching technical indicators.
The broader crypto market also showed strength, rising 0.68% to a total market capitalization of $2.93 trillion. Bitcoin held above $85,000, while XRP remained above $1.50. Ethereum's weekly close above $2,700 marked its highest settlement in nine months, signaling growing bullish sentiment.
BitMine, a digital asset treasury management firm, expanded its Ethereum holdings by acquiring 15,112 ETH, bringing its total to 6,016,414 ETH, or roughly 4.9% of the network's circulating supply. The purchase, valued at $41 million, pushed BitMine close to its goal of holding 5% of Ethereum's total supply. The company's total assets, including fiat and staking positions, are valued at $17.4 billion.
Analysts highlighted Ethereum's strong technical performance, with a weekly close above $2,800 potentially pushing prices toward $3,400, $3,500. Support levels were identified at $2,550 and $2,200, with $1,965 serving as a key long-term floor. Derivatives activity surged, with Ethereum trading turnover up 15.17% to $29.02 billion and open interest climbing to $34.10 billion.